A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $36,500, Accounts receivable $45,000, Capital stock $100,000, Cash $40,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,300, Inventory $32,000, Note payable $30,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)

On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:

a. include a debit Supplies for $1000 b. include a debit to Supplies Expense for $600 c. Include a credit to Supplies for $400 d. Include a debit to Accounts