The following balances were taken from the company's records: Inventory $380,000 Accounts Receivable $190,000 Land 290,000 Accounts Payable 180,000 Cash 129,000 Unearned Revenue 110,000 Prepaid Rent 33,000 Common Stock 312,000 Retained Earnings 220,000 Long-term Notes Payable 200,000 Calculate the current ratio. a. 2.75 to 1 b. 3.00 to 1 c. 2.52 to 1 d. 2.10 to 1
The following balances were taken from the company's records: Inventory $380,000 Accounts Receivable $190,000 Land 290,000 Accounts Payable 180,000 Cash 129,000 Unearned Revenue 110,000 Prepaid Rent 33,000 Common Stock 312,000 Retained Earnings 220,000 Long-term Notes Payable 200,000 Calculate the current ratio. a. 2.75 to 1 b. 3.00 to 1 c. 2.52 to 1 d. 2.10 to 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following balances were taken from the company's records:
| Inventory | $380,000 | $190,000 | ||
| Land | 290,000 | Accounts Payable | 180,000 | |
| Cash | 129,000 | Unearned Revenue | 110,000 | |
| Prepaid Rent | 33,000 | Common Stock | 312,000 | |
| 220,000 | Long-term Notes Payable | 200,000 |
Calculate the
a. 2.75 to 1
b. 3.00 to 1
c. 2.52 to 1
d. 2.10 to 1
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