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The Chamberlain Corporation reported the following: Income Statement Year 3 Year 2 Year 1 Revenue 12,300 10,800 8,900 Cost of goods sold 10,200 9,600 6,400
The Chamberlain Corporation reported the following:
Income Statement | Year 3 | Year 2 | Year 1 | ||
Revenue | 12,300 | 10,800 | 8,900 | ||
Cost of goods sold | 10,200 | 9,600 | 6,400 | ||
Selling & admin. expenses | 950 | 800 | 1,200 | ||
Net Income | 1,150 | 400 | 1,300 | ||
Balance Sheet | Year 3 | Year 2 | Year 1 | ||
Assets | |||||
Cash | 880 | 620 | 700 | ||
Accounts receivable | 300 | 250 | 280 | ||
Inventory | 3,200 | 3,000 | 2,800 | ||
Property & equipment (net) | 9,930 | 9,810 | 10,400 | ||
Total Assets | 14,310 | 13,680 | 14,180 | ||
Liabilities | |||||
Accounts payable | 1,160 | 1,080 | 980 | ||
Long term liabilities | 9,000 | 9,200 | 8,900 | ||
Stockholders' Equity | |||||
Common stock | 3,000 | 3,000 | 3,000 | ||
Retained earnings | 1,150 | 400 | 1,300 | ||
Total Liabilities and Equity | 14,310 | 13,680 | 14,180 |
What is the company's the company's current ratio for year 2? As needed, round your final answer (but not intermediate steps) to two decimal places.
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