The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities $100Fixed assets $280Sales $1,200Net income $358Inventory $180Current ratio 3.2Average collection period 45 daysAverage common equity $500 Calculate the amount of current assets.(a) $223 (b) $248(c) $280 (d) $428
The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):
Cash and marketable securities $100
Fixed assets $280
Sales $1,200
Net income $358
Inventory $180
Current ratio 3.2
Average collection period 45 days
Average common equity $500
Calculate the amount of current assets.
(a) $223 (b) $248
(c) $280 (d) $428
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