Use the following data to calculate the current ratio. Pharoah Company Balance Sheet December 31, 2017 $75000 105000 143500 85500 179000 190500 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Cash Accounts receivable Inventory Prepaid insurance Stock Investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $137500 14600 154000 $306100 $219500 (62500) 157000 119000 $1054500 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $265400 483000 $748400 $1054500 2:1 2.69:1 3:1 2:1