Question
Guinther & Sons, Inc., a retailer of men's clothing, earned a net profit of $77,000 for 2017. The balance sheet for Guinther & Sons includes
Guinther & Sons, Inc., a retailer of men's clothing, earned a net profit of $77,000 for 2017. The balance sheet for Guinther & Sons includes the following items:
| Cash | $29,000 | Accounts receivable | $39,000 | |
| Inventory | 79,000 | Prepaid insurance | 3,000 | |
| Land | 90,000 | Accounts payable | 21,000 | |
| Taxes payable | 29,000 | Capital stock | 50,000 | |
| Retained earnings | 97,000 | Long-term notes payable | 43,000 |
Read the information for Guinther & Sons, Inc. Calculate the current ratio for Guinther & Sons.
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Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
9th Edition
1711
