Question 24 Cornerstone Co. Not yet Balance Sheet Accounts answered Points out of 2.5 Flag question 12/31/17 $2,100 12/31/18 $2,100 Bonds Payable Cash Accounts Receivable 400 392 145 128 Preferred Stock 500 500 Accounts Payable 244 250 Land 3,285 3,285 Common Stock 1,200 1,200 Inventory 480 520 320 400 40 28 Retained Earnings Unearned Rent Revenue (to be earned in 2 months) Prepaid Insurance (3-month policy) Taxes Payable 114 173 20 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 Insurance Expense $60 Interest Expense 32 Cost of Goods Sold 1,500 25 Rent Revenue Net Sales Revenue 2,000 Tax Expense 27 Other Information 2018 Dividends to Common Shareholders $40 $200 2018 Dividends to Preferred Shareholders 2018 Common Shares outstanding 2018 Preferred Shares outstanding 100sh 50sh 2018 Stock Price $100 All Sales on credit Note: Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question. What is the Current Ratio at 12/31/18? Select one: a. 2.33 b. 1.88 C. 4.49 d. 3.49 e. 4.07