Lily Company had the following account totals as of December 31, 20X2. Cost of goods sold $150,000
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Question:
Lily Company had the following account totals as of December 31, 20X2.
Cost of goods sold
$150,000
Accounts receivable
100,000
Rent revenue
10,000
Accounts payable
25,000
Sales
200,000
Inventory
50,000
Bank Loan Payable*
20,000
Cash
18,000
Retained earnings (beginning of year, January 1, 20X2)
80,000
Prepaid insurance (6-month insurance policy)
15,000
Paid-in capital
38,000
Equipment
45,000
Unearned rent revenue (9-month contract)
5,000
*Of the $20,000 bank loan payable, $3,000 will be repaid in 20X3. What is Lily Company's
CURRENT RATIO?
5.74
6.14
4.06
5.90
5.55
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plz explain!
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