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Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2012 Cash $130,000 Accounts Payable $140,000 Prepaid Insurance 60,000

Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2012

Cash $130,000 Accounts Payable $140,000
Prepaid Insurance 60,000 Salaries Payable 20,000
Accounts Receivable 100,000 Mortgage Payable 160,000
Inventory 140,000 Total Liabilities $320,000
Land held for Investment 150,000
Land 180,000
Buildings $200,000 Common Stock $240,000
Less Accumulated Retained Earnings 500,000
Depreciation (40,000) 160,000 Total Stockholders

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