The following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.Assets Liabilities and Equity Current assets: Current liabilities: Cash$ 61Accounts payable$ 237Accounts receivable (net)179Other current liabilities72Notes receivable50Total current liabilities309Inventory203Long-term liabilities97Prepaid expenses29Total liabilities406Total current assets522Shareholders' equity: Equipment (net)263Common stock149 Retained earnings230 Total shareholders' equity379Total assets$ 785Total liabilities and equity$ 785The current ratio is:

The current ratio measures the organization's ability to meet the short-term liabilities due within…

Answered: The following partial balance sheet ($…

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 following partial balance sheet ($ in thousands) for Paisano Seafood Incorporated is shown below.

Assets		Liabilities and Equity
Current assets:		Current liabilities:
Cash	$ 61	Accounts payable	$ 237
Accounts receivable (net)	179	Other current liabilities	72
Notes receivable	50	Total current liabilities	309
Inventory	203	Long-term liabilities	97
Prepaid expenses	29	Total liabilities	406
Total current assets	522	Shareholders' equity:
Equipment (net)	263	Common stock	149
		Retained earnings	230
		Total shareholders' equity	379
Total assets	$ 785	Total liabilities and equity	$ 785

The current ratio is:

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