Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Data from Dunshee Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash $ 146 $ 116 Accounts receivable, net 302
Data from Dunshee Corporation's most recent balance sheet appear below:
Year 2 | Year 1 | |
---|---|---|
Current assets: | ||
Cash | $ 146 | $ 116 |
Accounts receivable, net | 302 | 322 |
Inventory | 138 | 158 |
Prepaid expenses | 26 | 26 |
Total current assets | $ 612 | $ 622 |
Total current liabilities | $ 294 | $ 300 |
Sales on account in Year 2 amounted to $1,570 and the cost of goods sold was $970.
The current ratio at the end of Year 2 is closest to:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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