Using the following information, calculate the the current ratio Assets Current assets $40,000 PP&E 20,000 Intangible assets 30,000 Long-term investments 10,000 Total assets 100,000 Liabilities Current liabilities 40,000 Long-term liabilities 25,000 Total liabilities 65.000 Equity Common stock 30,000 Retained earnings 5,000 Total equity 35,000 Total liabilities and equity 100,000 Gross profit 62,000 Total operating income 18,000 Net income 12,000