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Shown below is the adjusted trial balance for TAS Corporation on December 31, 2029. TAS Corporation is in the business of providing financial consulting services.
Shown below is the adjusted trial balance for TAS Corporation on December 31, 2029. TAS Corporation is in the business of providing financial consulting services.
Debit | Credit | |
Cash | 16,000 | |
Accounts Receivable | 20,000 | |
Prepaid rent | 15,000 | |
Equipment | 171,000 | |
Building | 100,000 | |
Land | 21,000 | |
Accumulated Depreciation | 80,000 | |
Accounts Payable | 31,000 | |
Unearned revenue (service will be provided within 10 months) | 20,000 | |
Notes Payable (due in 6 months) | 40,000 | |
Common Stock | 103,000 | |
Retained Earnings, 12/31/29 | 40,000 | |
Service Revenue | 86,000 | |
Rent Expense | 14,000 | |
Advertising Expense | 3,000 | |
Wage Expense | 33,000 | |
Supplies Expense | 7,000 |
Calculate TASs current ratio (current assets divided by current liabilities) on December 31, 2029. Round your answer to two decimal places (e.g., 0.13).
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