-Refer to Baloon-E-Tunes

question 75

Essay

$$\begin{array} { l r l r } \text { Retained earnings } & \$ 370,000 & \text { Notes payable (due in 6 years) } & \text { \$120,000 } \\\text { Accumulated depreciation } & 130,000 & \text { Salaries payable } & 10,000 \\\text { Income taxes payable } & 240,000 & \text { Supplies } & 20,000 \\\text { Plant } & 480,000 & \text { Accounts payable } & 360,000 \\\text { Cash } & 110,000 & \text { Inventory } & 330,000 \\\text { Accounts receivable } & 350,000 & \text { Land } & 500,000 \\\text { Common shares } & 600,000 & \text { Prepaid insurance } & 40,000\end{array}$$
-Refer to Baloon-E-Tunes.Calculate the current ratio at December 31.What does this ratio tell you about the "composition" of the current assets?

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Definitions:

Serum Calcium

The measurement of calcium levels in the blood serum, critical for bone health and various bodily functions.

Phosphate Levels

The concentration of phosphate ions in the blood, which are important for energy storage and transfer, bone formation, and many other physiological processes.

Potassium Levels

Refer to the concentration of potassium in the blood, essential for muscle function, nerve function, and fluid balance in the body.

Chvostek Sign

A clinical sign where facial muscles twitch upon tapping the facial nerve, indicative of conditions like hypocalcemia.