Exercise 3-18 calculating ratios; solve for unknowns [lo3-8] the current asset section of the excalibur tire company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventories. the december 31, 2018, balance sheet revealed the following:
inventories $ 1,020,000
total assets $ 3,000,000
current ratio 2.40
acid-test ratio 1.20
debt to equity ratio 1.5
required: determine the following 2018 balance sheet items:
(a) current assets
(b) shareholders' equity
(c) noncurrent assets
(d) long-term liabilities

Trecek corporation incurs research and development costs of $625,000 in 2017, 30 percent of which relate to development activities subsequent to ias 38 criteria having been met that indicate an intangible asset has been created. the newly developed product is brought to market in january 2018 and is expected to generate sales revenue for 10 years. assume that a u. s.–based company is issuing securities to foreign investors who require financial statements prepared in accordance with ifrs. thus, adjustments to convert from u. s. gaap to ifrs must be made. ignore income taxes. required: (a) prepare journal entries for research and development costs for the years ending december 31, 2017, and december 31, 2018, under (1) u. s. gaap and (2) ifrs. (c) prepare the entry(ies) that trecek would make on the december 31, 2017, and december 31, 2018, conversion worksheets to convert u. s. gaap balances to ifrs.

Chuck, a single taxpayer, earns $80,750 in taxable income and $30,750 in interest from an investment in city of heflin bonds. (use the u. s. tax rate schedule.) (do not round intermediate calculations. round your answers to 2 decimal places.)

Paid-in-capital in excess of par represents the amount of proceeds a. from the original sale of common stock b. in excess of the par value from the original sale of common stock c. at the current market value of the common stock d. at the curent book value of the common stock