O-LevelAccountingAnalysis and interpretation7707/11 · May/June 2020 · Q301 Mark

On 1 January 2019 current assets totalled $16000 and the current ratio was 2:1. On 31 December 2019 the current liabilities had increased by 50% and the current ratio was 1.5:1. What was the value of the current assets on 31 December 2019?

A$16000

B$18000

C$32000

D$36000

✓ Correct answer

B: $18000

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Topic: Analysis and interpretation, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, May/June 2020 Paper 1 Variant 1, question 30.

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