Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the current ratio for the information given below: The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

What is the current ratio for the information given below:

 

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Liabilities and Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term liabilities. Total liabilities. Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and equity Assets Current assets: Cash Accounts receivable (net) Notes receivable Inventory Prepaid expenses Total current assets Equipment (net) Total assets $ 64 175 65 218 25 547 260 $807 The current ratio is (Round your answer to 2 decimal places.): $ 230 77 307 106 413 135 259 394 $ 807

Step by Step Solution

3.34 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the current ratio you need to divide the total current assets by the total cur... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

9th Canadian Edition volume 2

013269008X, 978-0133122855, 133122859, 978-0132690089

More Books

Students also viewed these Accounting questions

Question

=+c) Compute the RRRs. Which action is preferred based on the RRRs?

Answered: 1 week ago