Question
A company's trial balance included the following account balances: Accounts Payable $ 19,327 Accounts Receivable 81,456 Cash 73,444 Income Tax Payable 3,632 Inventory 25,936 Note
A company's trial balance included the following account balances:
| Accounts Payable | $ | 19,327 | |
| Accounts Receivable | 81,456 | ||
| Cash | 73,444 | ||
| Income Tax Payable | 3,632 | ||
| Inventory | 25,936 | ||
| Note Payable, due in two years | 1,829 | ||
| Equipment | 55,328 | ||
| Stockholders Equity | 204,008 | ||
| Supplies | 5,632 | ||
| Wages Payable | 13,000 | ||
What is the amount of the current ratio? (Round your answer to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
15th edition
1259404781, 007802563X, 978-1259404788, 9780078025631, 978-0077522940
