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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:

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:

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 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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