Question
Luther Corporation Consolidated Balance Sheet December 31, 2006 and 2005 (in $ millions) Assets 2006 2005 Liabilities and Stockholders' Equity 2006 2005 Current Assets Current
Luther Corporation
Consolidated Balance Sheet
December 31, 2006 and 2005 (in $ millions)
Assets | 2006 | 2005 | Liabilities and Stockholders' Equity | 2006 | 2005 |
Current Assets | Current Liabilities | ||||
Cash | 63.863.8 | 58.5 | Accounts payable | 87.287.2 | 73.5 |
Accounts receivable | 55.755.7 | 39.6 | Notes payable / shortminusterm debt | 9.89.8 | 9.6 |
Inventories | 44.744.7 | 42.9 | Current maturities of longminusterm debt | 37.437.4 | 36.9 |
Other current assets | 5.55.5 | 3.0 | Other current liabilities | 6.0 | 12.0 |
Total current assets | 169.7169.7 | 144.0 | Total current liabilities | 140.4140.4 | 132.0 |
LongminusTerm Assets | LongminusTerm Liabilities | ||||
Land | 64.664.6 | 62.1 | Longminusterm debt | 239.7239.7 | 168.9 |
Buildings | 107.2107.2 | 91.5 | Capital lease obligations | ||
Equipment | 120.3120.3 | 99.6 | |||
Less accumulated depreciation | (55.455.4 ) | (52.5) | Deferred taxes | 22.8 | 22.2 |
Net property, plant, and equipment | 236.7236.7 | 200.7 | Other longminusterm liabilities | minusminusminus | minusminusminus |
Goodwill | 60.0 | minusminus | Total longminusterm liabilities | 262.5262.5 | 191.1 |
Other longminusterm assets | 63.0 | 42.0 | Total liabilities | 402.9402.9 | 323.1 |
Total longminusterm assets | 359.7359.7 | 242.7 | Stockholders' Equity | 126.5126.5 | 63.6 |
Total Assets | 529.4529.4 | 386.7 | Total liabilities and Stockholders' Equity | 529.4529.4 | 386.7 |
Refer to the balance sheet above. Luther's current ratio for 2006 is closest to:
A.
1.811.81
B.
2.422.42
C.
0.60.6
D.
1.211.21
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