Question
Question 13(7 points) A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $38,000,Accounts
Question 13(7 points)
A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):
Accounts payable $38,000,Accounts receivable $57,000, Capital stock $100,000, Cash $58,000, Dividends $10,000, Interest expense $4,000, Interest payable $2,900, Inventory $32,000, Prepaid expenses $3,200, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000.The note payable balance is due innine months.How much is Charlie's current ratio? (Round your answer to two decimal places.)
Your Answer:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started