The Core Company Had the Following Assets and Liabilities as of December

question 51

Essay

The Core Company had the following assets and liabilities as of December 31: $$\begin{array} { | l | c | } \hline \text { ASSETS } & \\\hline \text { Cash } & \$ 58,000 \\\hline \text { Accounts receivable } & 25,000 \\\hline \text { Inventory } & 20,000 \\\hline \text { Equipment } & 50,000 \\\hline & \\\hline \text { LIABILITIES } & \\\hline \text { Current portion of long-term debt } & 20,000 \\\hline \text { Accounts payable } & 12,000 \\\hline \text { Long-term debt } & 25,000 \\\hline\end{array}$$ Calculate the current ratio, working capital, and quick ratio.

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Definitions:

Magna Carta

A charter of liberties to which the English barons forced King John to give his assent in June 1215 at Runnymede, a foundational document limiting the power of the monarchy.

English Liberties

The fundamental rights and freedoms traditionally enjoyed by English subjects, often cited as a historical basis for modern democratic liberties.

Ideal Government

A theoretical or conceptual government considered to be the best possible, often involving principles of justice, equality, and effective governance.

Religious Dissension

Disagreements and discord within or between religious communities, often leading to disputes, schisms, or conflicts.