What is Ratio Corporation's Current Ratio at 12/31/2021? Question 2 options: 2.11 2.22 1.21 None of these options Shareholders' EquityCommon Stock$4,000$70,000100,000$174,000$2,000$50,000118,000$170,000APICRetained EarningsTotal Shareholders' EquityTOTAL LIAB. &SHAREHOLDERS' EQUITY$420,000$358,000RATIO CORPORATIONINCOME STATEMENTYear End12/31/2021$1,000,000(800,000)200,000(20,000)180,000(40,000)140,000(56,000)$84,000Net SalesCGSProfit MarginSG&AOperating IncomeInterest ExpensePre-Tax IncomeТах Expense @ 40%Net Income RATIO CORPORATIONBALANCE SHEETDecember 31ASSETS20212020Current Assets$20,000$18,0008,00030,0004,000$80,000Cash$10,000$13,0005,00025,0005,000$58,000Marketable SecuritiesAccounts ReceivableMerchandise InventoryOther Current AssetsTotal Current AssetsNoncurrent AssetsBuildings and Equipment (cost) $550,000(210,000)$340,000$420,000$500,000(200,000)$300,000$358,000Accumulated DepreciationBuildings and Equipment (net)TOTAL ASSETSLIABILITIES & SHAREHOLDERSEQUITYCurrent LiabilitiesAccounts PayableWages PayableOther Payables$18,00011,0009,000$38,000$15,0001,00012,000$28,000Total Current LiabilitiesNoncurrent LiabilitiesBonds Payable$208,000$246,000$160,000$188,000TOTAL LIABILITIES

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Description: What is Ratio Corporation's Current Ratio at 12/31/2021? Question 2 options: 2.11 2.22 1.21 None of these options Shareholders' EquityCommon Stock$4,000$70,000100,000$174,000$2,000$50,000118,000$170,000APICRetained EarningsTotal Shareholders' EquityT

The current ratio shows the availability of current assets to meet current liabilities. The standard…

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Business

Accounting

What is Ratio Corporation's Current Ratio at 12/31/2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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