Question
Use the following data to calculate the current ratio. Whispering Winds Corp. Balance Sheet December 31, 2022 Cash and cash equivalents $74500 Accounts payable $125000
Use the following data to calculate the current ratio.
| Whispering Winds Corp. | |||||
| Balance Sheet | |||||
| December 31, 2022 | |||||
| Cash and cash equivalents | $74500 | Accounts payable | $125000 | ||
|---|---|---|---|---|---|
| Accounts receivable | 103500 | Salaries and wages payable | 10300 | ||
| Inventory | 135000 | Bonds payable | 151000 | ||
| Prepaid insurance | 76000 | Total liabilities | $286300 | ||
| Stock investments | 198500 | ||||
| Land | 187000 | ||||
| Buildings | $210000 | Common stock | $278700 | ||
| Less: Accumulated depreciation | (64000) | 146000 | Retained earnings | 493000 | |
| Trademarks | 137500 | Total stockholders' equity | $771700 | ||
| Total assets | $1058000 | Total liabilities and stockholders' equity | $1058000 | ||
A= 3.28:1
B= 2.35: 1
C= 1.95:1
D= 2.88:1
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Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics
Authors: S. Rao Vallabhaneni
1st Edition
1119482569, 978-1119482567
