Use the Balance Sheet of Chicago,Inc $\text {Chicago, Inc.}$ $\text {Comparative Balance Sheet}$

question 39

Essay

Use the balance sheet of Chicago,Inc.to calculate the current ratio for 2019 and 2018
Assets
$\text {Chicago, Inc.}$
$\text {Comparative Balance Sheet}$
$\text {December 31,2019 and 2018}$
$$\begin{array} { l l l } &2019&2018\\\text { Total Cument Assets } & \$ 200,000 & \$ 100,000 \\\text { Property, Plant, and Equipment, Net } & 550,000 & 500,000 \\\text { Other Assets } & 50,000 & 50,000 \\\text { Total Assets } & \$ 800,000 & \$ 650,000\end{array}$$ Liabilities
$\begin{array}{lll}\text { Total Current Liabilities } & \$ 150,000 & \$ 100,000 \\\text { Long-term Debt } & \underline{350,000} & \underline{250,000} \\\text { Total Liabilities } & \underline{500,000} & \underline{350,000} \\\end{array}$
Stockholders' Equity
$\begin{array}{lll}\text { Total Stockholders' Equity } & \underline{300,000} & \underline{300,000} \\\text { Total Liabilities and Stockholders' Equity } & \$ 600,000 & \$ 650,000\end{array}$

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