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The Coffman Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Coffman's current ratio? Group of answer choices a)2.00 b)2.17 c)2.71 d)1.96 e)None of the above

The Coffman Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Coffman's current ratio? Group of answer choices a)2.00 b)2.17 c)2.71 d)1.96 e)None of the above

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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The Coffman Company has provided the following account balances:

  • Cash $380,000
  • Short-term investments $40,000
  • Accounts receivable $60,000
  • Inventory $480,000
  • Long-term notes receivable $20,000
  • Equipment $960,000
  • Factory Building $1,800,000
  • Intangible assets $60,000
  • Accounts payable $300,000
  • Accrued liabilities payable $40,000
  • Short-term notes payable $95,000
  • Income taxes payable $55,000
  • Long-term notes payable $920,000
  • Stockholders’ equity $2,400,000

    What is Coffman's current ratio?
Group of answer choices
a)2.00
b)2.17
c)2.71
d)1.96
e)None of the above
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