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Business
Accounting
Assets Line Item Description Amount Cash and short-term investments $42,572  Accounts receivable (net) 33,774  Inventory 37,691  Property, plant, and equipment 215,705  Total assets $329,742  Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $68,960  Long-term liabilities 98,919  Common stock, $10 par 64,740  Retained earnings 97,123  Total liabilities and stockholders’ equity $329,742  Income Statement Line Item Description Amount Sales $91,805  Cost of goods sold (41,312) Gross profit $50,493  Operating expenses (28,002) Net income $22,491  Number of shares of common stock 6,474  Market price of common stock $28  What is the current ratio?

Assets Line Item Description Amount Cash and short-term investments $42,572  Accounts receivable (net) 33,774  Inventory 37,691  Property, plant, and equipment 215,705  Total assets $329,742  Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $68,960  Long-term liabilities 98,919  Common stock, $10 par 64,740  Retained earnings 97,123  Total liabilities and stockholders’ equity $329,742  Income Statement Line Item Description Amount Sales $91,805  Cost of goods sold (41,312) Gross profit $50,493  Operating expenses (28,002) Net income $22,491  Number of shares of common stock 6,474  Market price of common stock $28  What is the current ratio?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assets

Line Item Description Amount
Cash and short-term investments $42,572 
Accounts receivable (net) 33,774 
Inventory 37,691 
Property, plant, and equipment 215,705 
Total assets $329,742 

Liabilities and Stockholders’ Equity

Line Item Description Amount
Current liabilities $68,960 
Long-term liabilities 98,919 
Common stock, $10 par 64,740 
Retained earnings 97,123 
Total liabilities and stockholders’ equity $329,742 

Income Statement

Line Item Description Amount
Sales $91,805 
Cost of goods sold (41,312)
Gross profit $50,493 
Operating expenses (28,002)
Net income $22,491 
Number of shares of common stock 6,474 
Market price of common stock $28 

What is the current ratio? 

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