12 (The following information applies to the questions displayed below.) Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Part 4 of 4 Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $23,000 Accounts payable 3,700 Accrued liabilities payable 3,800 Notes payable (short-term) 26,000 Notes payable (long-term) 2,100 Common stock 59,000 Additional paid-in capital 91,000 Retained earnings 4,400 $19,000 3,400 6,500 43,000 10,300 92,700 38,100 1 points eBook During the current year, the company had the following summarized activities: Print References a. Purchased short-term investments for $8,500 cash. b. Lent $6,400 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $4,500 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $89,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 2,900 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,200 cash. h. Built an addition to the factory for $23,000; paid $7,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,100. 6. Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Current ratio