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Excerpts fro appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Corporation's most recent bala ce sneet Total current assets Total current liabilities Year 2 Year 1 $ $ 106 132 218 56 512 384 $ 136 142 208 56 542 $ 370 Sales on account in Year 2 amounted to $1,610 and the cost of goods sold was $960. The current ratio at the end of Year 2 is closest to:

Excerpts fro appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Corporation's most recent bala ce sneet Total current assets Total current liabilities Year 2 Year 1 $ $ 106 132 218 56 512 384 $ 136 142 208 56 542 $ 370 Sales on account in Year 2 amounted to $1,610 and the cost of goods sold was $960. The current ratio at the end of Year 2 is closest to:

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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Excerpts from Colter Corporation's most recent balance sheet appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Year 2 Year 1 $ $ 106 132 218 56 512 384 $ 136 142 208 56 542 $ 370 Sales on account in Year 2 amounted to $1,610 and the cost of goods sold was $960. The current ratio at the end of Year 2 is closest to:
Transcribed Image Text:Excerpts from Colter Corporation's most recent balance sheet appear below: Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total current liabilities Year 2 Year 1 $ $ 106 132 218 56 512 384 $ 136 142 208 56 542 $ 370 Sales on account in Year 2 amounted to $1,610 and the cost of goods sold was $960. The current ratio at the end of Year 2 is closest to:
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