Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. The condensed balance sheet and income statement for the company are presented below: Cash Notes receivable (due Angust 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable (11%) (long-term) Common stock Retained earnings Total liabilities and equity 31 Flexsteel Industries Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net Income Current ratio $ 23,000 37,000 50,000 73,000 290,000 14,000 $487,000 $105,400 140,000 78,000 163,600 $487,000 $824,000 462,400 $361,600 175,800 $185,800 15,400 $170,400 51,120 $119,280 Required: Compute the current ratio for Flexsteel Industries. (Round your answer to 2 decimal places.) Prev 9 of 17 Next >

Required: Compute the current ratio for Flexsteel Industries. (Round your answer to 2 decimal places.) Required