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