2.Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2012 Cash $ 130,000 Accounts Payable $ 140,000 Prepaid Insurance 60,000 Salaries Payable Accounts Receivable 100,000 Mortgage Payable Inventory 140,000 Total Liabilities Land held for Investment 150,000 Land 180,000 Buildings $200,000 Common Stock Less Accumulated Retained Earnings Depreciation (40,000) 160,000 Total Stockholders' Equity Trademarks 140 000 Total Liabilities and Total Assets $1,060,000 Stockholders' Equity a. 1.81 : 1. b. 1.44 : 1. c. 3.07 : 1. d. 2.69 : 1. 20,000 160 000 $320,000 $240,000 500 000 $740,000 $1,060,000