Use the Balance Sheet of Maine,Inc

question 88

Essay

Use the balance sheet of Maine,Inc.to calculate the current ratio for 2017 and 2018
$\begin{array}{c}\text {Detroit, Inc.}\\\text {Comparative Balance Sheet}\\\text { December 31, 2018 and 2017}\\\begin{array}{lrr}&2018&2017\\\text { Assets }\\\text { Total Current Assets } & \$ 200,000 & \$ 100,000 \\\text { Property, Plant, and Equipment, Net } & 550,000 & 500,000 \\\text { Other Assets } & \underline{50,000} & \underline{50,000} \\\text { Total Assets } & \underline{\underline{\$ 800,000}} & \underline{\$ 650,000} \\\text { Liabilities } & &\\\text { Total Current Liabilities } & \$ 150,000 & \$ 100,000 \\\text { Long-term Debt } & \underline{350,000} & \underline{250,000} \\\text { Total Liabilities } & \underline{500,000} & \underline{350,000} \\\text { Stockholders' Equity } & \\\text { Total Stockholders' Equity } &\underline{300,000} & \underline{300,000}\\\text { Total Liabilities and Stockholders' Equity } & \underline{\underline{800,000}} & \underline{\underline{\$ 650,000}} \end{array}\end{array}$

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