Question
Assets Amount (USD) Liabilities and Equity Amount (USD) Cash $90,000 Accounts Payable $20,000 Accounts Receivable $60,000 Notes Payable $25,000 Inventory $80,000 Long-term Debt $110,000 Property
Assets | Amount (USD) | Liabilities and Equity | Amount (USD) |
Cash | $90,000 | Accounts Payable | $20,000 |
Accounts Receivable | $60,000 | Notes Payable | $25,000 |
Inventory | $80,000 | Long-term Debt | $110,000 |
Property | $220,000 | Shareholders' Equity | $250,000 |
Calculate the current ratio for the company based on the provided balance sheet.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
