Question
Pioneer's adjusted trial balance as of December 31, 2018 is given below: Debit Credit Cash $13,000 Accounts Receivable 8,000 Prepaid Rent 7,000 Prepaid Insurance 2,100
Pioneer's adjusted trial balance as of December 31, 2018 is given below:
Debit | Credit | |
Cash | $13,000 | |
Accounts Receivable | 8,000 | |
Prepaid Rent | 7,000 | |
Prepaid Insurance | 2,100 | |
Office Supplies | 3,300 | |
Land | 45,000 | |
Building | 57,000 | |
Accumulated Depreciationlong dashBuilding | $12,000 | |
Equipment | 32,000 | |
Accumulated Depreciationlong dashEquipment | 7,500 | |
Accounts Payable | 5,500 | |
Salaries Payable | 4,500 | |
Interest Payable | 2,000 | |
Mortgage Payable (long term) | 5,000 | |
Common Stock | 14,000 | |
Dividends | 5,500 | |
Service Revenue | 229,500 | |
Salaries Expense | 46,500 | |
Insurance Expense | 3,000 | |
Rent Expense | 12,500 | |
Utilities Expense | 15,500 | |
Advertising Expense | 9,700 | |
Depreciation Expenselong dashBuilding | 10,900 | |
Depreciation Expenselong dashEquipment | 7,900 | |
Supplies Expense | 1,100 | ????????????????? |
Total | $280,000 | $280,000 |
Compute the current ratio. (Round your answer to two decimal places.)
A.
8.16
B.
2.78
C.
2.36
D.
1.75
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