Presented below is selected data from the financial statements of Morgan Corporation for the current and prior year: 12/31/X2 12/31/X1 Current assets $430,000 $220,000 Total assets $2,500,000 $1,950,000 Current liabilities $210,000 $180,000 Total stockholders' equity $1,290,000 $770,000 Net sales $4,800,000 $3,900,000 Cost of Goods Sold $3,200,000 $2,690,000 Wages expense $973,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $520,000 $250,000 All sales are made on account. Calculate the current ratio for 20X2. (Round your answer to 2 decimal places. Example 5.80)

Presented below is selected data from the financial statements of Morgan Corporation for the current and prior year: 12/31/X2 12/31/X1 Current assets $430,000 $220,000 Total assets $2,500,000 $1,950,000 Current liabilities $210,000 $180,000 Total stockholders' equity $1,290,000 $770,000 Net sales $4,800,000 $3,900,000 Cost of Goods Sold $3,200,000 $2,690,000 Wages expense $973,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $520,000 $250,000 All sales are made on account. Calculate the current ratio for 20X2. (Round your answer to 2 decimal places. Example 5.80)

Name: Help QUESTION 25Presented below is selected data from the financial st
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Description: Help QUESTION 25Presented below is selected data from the financial statements of Morgan Corporation for the current and prior year:12/31/X212/31/X1Current assets$430,000$220,000Total assets$2,500,000$1,950,000Current liabilities$210,000$180,000Total

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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