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E. What is the current ratio if noncurrent assets equal

$60,000, total assets equal $95,000...
e. What is the current ratio if noncurrent assets equal $60,000, total assets equal $95,000, and owners equity equals 70,000? (Assume that all liabilities are current) I need to understand the math
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Answered in 7 minutes by:
2/8/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,233
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Hey! I'm Carter, I'm a CPA and can help you with this.

If noncurrent assets = $60,000 and total assets = $95,000, then current assets = $35,000. ($95-$60). Because total assets = current assets + noncurrent assets.

If owners equity =$70,000, then we know the accounting equation = Assets = Liabilities + Equity. So, $95,000 = X + $70,000. That means total liabilities = $25,000.

Current ratio = Current Assets / Current Liabilities. $35,000 / $25,000 = 1.4

Let me know if you need anything else. If not, please leave a rating. Thanks.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,233
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