Using balance to calculate assets and liabilities
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Using the attached excel file, please answer the following, and provide some details. Thanks.
a. What were the company's total current assets at the end of its most reporting period? What were the company's total current assets at the end of the previous period?
b. Are the assets included under the company's current assets listed in the proper order? Explain.
c. How are the company's assets classified?
d. What are cash equivalents?
e. What were the companies total current liabilities at the end of its most reporting period? What were the companies total current liabilities at the end of the previous period?
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Solution Summary
The solution explains how to calculate current assets and current liabilities and cash equivalents
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a. Current Assets are those asssts which are expected to be converted to cash during a period of one year of the company's operating cycle. From the balance sheet given the current assets at the end of the most recent reporting period (30/05/04) were $346,300 and the end of previous reporting period were ...
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