Brock Company's financial information is as follows. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Line Item Description Amount Cash and short-term investments $38,295 Accounts receivable (net) 31,903 Inventory 28,357 Property, plant, and equipment 286,566 Total assets $385,121 Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $60,915 Long-term liabilities 88,993 Common stock, $10 par 69,670 Retained earnings 165,543 Total liabilities and stockholders’ equity $385,121 Income Statement Line Item Description Amount Sales $91,601 Cost of goods sold (41,220) Gross profit $50,381 Operating expenses (28,458) Net income $21,923 Number of shares of common stock 6,967 Market price of common stock $33 What is the current ratio? Round your answer to two decimal places.
Brock Company's financial information is as follows. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Line Item Description Amount Cash and short-term investments $38,295 Accounts receivable (net) 31,903 Inventory 28,357 Property, plant, and equipment 286,566 Total assets $385,121 Liabilities and Stockholders’ Equity Line Item Description Amount Current liabilities $60,915 Long-term liabilities 88,993 Common stock, $10 par 69,670 Retained earnings 165,543 Total liabilities and stockholders’ equity $385,121 Income Statement Line Item Description Amount Sales $91,601 Cost of goods sold (41,220) Gross profit $50,381 Operating expenses (28,458) Net income $21,923 Number of shares of common stock 6,967 Market price of common stock $33 What is the current ratio? Round your answer to two decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brock Company's financial information is as follows. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit.
Assets
| Line Item Description | Amount |
|---|---|
| Cash and short-term investments | $38,295 |
| 31,903 | |
| Inventory | 28,357 |
| Property, plant, and equipment | 286,566 |
| Total assets | $385,121 |
Liabilities and
| Line Item Description | Amount |
|---|---|
| Current liabilities | $60,915 |
| Long-term liabilities | 88,993 |
| Common stock, $10 par | 69,670 |
| Retained earnings | 165,543 |
| Total liabilities and stockholders’ equity | $385,121 |
Income Statement
| Line Item Description | Amount |
|---|---|
| Sales | $91,601 |
| Cost of goods sold | (41,220) |
| Gross profit | $50,381 |
| Operating expenses | (28,458) |
| Net income | $21,923 |
| Number of shares of common stock | 6,967 |
| Market price of common stock | $33 |
What is the
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