Question
Swan Song's adjusted trial balance as of December 31, 2014 is given below: Debit Credit Cash $12,000 Accounts Receivable 9,000 Prepaid Rent 6,000 Prepaid Insurance
Swan Song's adjusted trial balance as of December 31, 2014 is given below: Debit Credit Cash $12,000 Accounts Receivable 9,000 Prepaid Rent 6,000 Prepaid Insurance 2,300 Office Supplies 3,200 Building 52,200 Accumulated DepreciationBuilding $11,500 Equipment 35,000 Accumulated DepreciationEquipment 7,000 Land 30,000 Accounts Payable 6,550 Salaries Payable 4,000 Interest Payable 2,240 Mortgage Payable (long term) 51,200 R. Lee, Capital (deficit) 5,590 R. Lee, Withdrawals 20,000 Service Revenue 190,000 Salaries Expense 38,000 Insurance Expense 5,000 Rent Expense 12,000 Utilities Expense 15,000 Advertising Expense 9,000 Depreciation ExpenseBuilding 10,000 Depreciation ExpenseEquipment 7,000 Office Supplies Expense 1,200 Total $272,490 $272,490 Compute the current ratio. 2.07 1.83 1.64 2.54
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