Question
nformation for Bramble Corp. is given below: Bramble Corp. Balance Sheet December 31, 2018 Assets Equities Cash $ 287000 Accounts payable $ 636000 Accounts receivable
nformation for Bramble Corp. is given below: Bramble Corp. Balance Sheet December 31, 2018 Assets Equities Cash $ 287000 Accounts payable $ 636000 Accounts receivable (net) 1956000 Income taxes payable 188000 Inventories 2436000 Miscellaneous accrued payables 225000 Plant and equipment, Bonds payable (8%, due 2020) 1876000 net of depreciation 1984000 Preferred stock ($100 par, 6% Patents 263000 cumulative nonparticipating) 745000 Other intangible assets 74300 Common stock (no par, 60,000 Total Assets $7000300 shares authorized, issued and outstanding) 1130000 Retained earnings 2423300 Treasury stock-1500 shares of preferred (223000) Total Equities $7000300 Bramble Corp. Income Statement Year Ended December 31, 2018 Net sales $9400000 Cost of goods sold 6200000 Gross profit 3200000 Operating expenses (including bond interest expense) 1500000 Income before income taxes 1700000 Income tax 470000 Net income $ 1230000 Additional information: There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2018, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2018. Assume that preferred dividends for the current year have not been declared. At December 31, 2018, the current ratio was...? a) 6661 824.b)4679 824.c) 4679 1049.d) 2243 636.
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