A corporation reports the following year-end balance sheet data. The company's current ratio equals: Cash $ 40,000 Current liabilities $ 75,000 Accounts receivable 55,000 Long-term liabilities 35,000 Inventory 60,000 Common stock 100,000 Equipment 145,000 Retained earnings 90,000 Total assets $ 300,000 Total liabilities and equity $ 300,000 2.07 1.27 0.37 Question 7 Managerial accounting information: Has little to do with controlling costs. Involves gathering information about costs for planning and control decisions. Is generally the only accounting information available to managers. Is used mainly by external users. Can be used for control purposes but not for planning purposes. A Question 8