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The financial statements for Barrington Service Company include the following items: 2025 2024 Cash $42,000 Short-term Investments 16,000 Net Accounts Receivable 51,000 43,000 Merchandise Inventory Total Assets 549,000 Accounts Payable 125,000 Salaries Payable 15,000 Long-term Note Payable 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.) $50,500 27,000 56,000 156,000 525,000 128,500 16,000 63,000

The financial statements for Barrington Service Company include the following items: 2025 2024 Cash $42,000 Short-term Investments 16,000 Net Accounts Receivable 51,000 43,000 Merchandise Inventory Total Assets 549,000 Accounts Payable 125,000 Salaries Payable 15,000 Long-term Note Payable 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.) $50,500 27,000 56,000 156,000 525,000 128,500 16,000 63,000

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 financial statements for Barrington Service Company include the following items: 2025 2024 Cash $50,500 $42,000 Short-term Investments 27,000 16,000 Net Accounts Receivable 56,000 51,000 156,000 43,000 Merchandise Inventory Total Assets 525,000 549,000 Accounts Payable 128,500 125,000 Salaries Payable 16,000 15,000 Long-term Note Payable 63,000 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.)
Transcribed Image Text:The financial statements for Barrington Service Company include the following items: 2025 2024 Cash $50,500 $42,000 Short-term Investments 27,000 16,000 Net Accounts Receivable 56,000 51,000 156,000 43,000 Merchandise Inventory Total Assets 525,000 549,000 Accounts Payable 128,500 125,000 Salaries Payable 16,000 15,000 Long-term Note Payable 63,000 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.)
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