Hii teacher please given answer for general accounting question an please not use ai... Compute the current ratio for Blue Wave Industriesusing the following information:ItemAmountAccounts receivable$15,000Accounts payable$10,000Buildings$50,000Cash$12,000Long-term notes payable $25,000Office suppliesPrepaid insurance$3,000$2,500Unearned service revenue $4,000

Step 1: Definition of Current RatioCurrent Ratio is a commonly used financial metric that evaluates…

Answered: Compute the current ratio for Blue Wave…

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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Compute the current ratio for Blue Wave Industries using the following information: Item Amount Accounts receivable $15,000 Accounts payable $10,000 Buildings $50,000 Cash $12,000 Long-term notes payable $25,000 Office supplies Prepaid insurance $3,000 $2,500 Unearned service revenue $4,000