Gray’s Books & Music Inc. reported the following selected information at March 31.

2014 Total current assets $262,787 Total assets 439,832 Total current liabilities 293,625 Total liabilities 376,002 Net cash provided by operating activities 62,300 Calculate

(a) the current ratio,

(b) the debt to assets ratio, and

(c) free cash flow for March 31, 2014. The company paid dividends of $12,000 and spent $24,787 on capital expenditures.

AppendixLO1