Answered: Using the following balance sheet and… | bartleby

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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Using the following balance sheet and income statement data, what is the current ratio?
$
$
Current assets
Net income
27000
41600
Stockholders'
Current liabilities
13800
78400
equity
Average assets
158700
Total liabilities
43400
Total assets
132000
Average common shares outstanding was 14200.
O 2.0:1
O 0.5:1
O 2.6:1
O 3.2:1

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