Use the following data to calculate the current ratio. - 14329

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yousafbhutta

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Use the following data to calculate the current ratio.

Carne Auto Supplies

Balance Sheet

December 31, 2012

Cash

 

$60,000

 

Accounts Payable

$65,000

Prepaid Insurance

 

40,000

 

Salaries Payable

10,000

Accounts Receivable

 

50,000

 

Mortgage Payable

90,000

Inventory

 

70,000

 

Total liabilities

$165,000

Land held for Investment

 

80,000

     

Land

 

95,000

     

Buildings

$100,000

   

Common Stock

$120,000

      Less Accumulated Depreciation

(30,000)

70,000

 

Retained Earnings

250,000

Trademarks

 

70,000

 

      Total Stockholders' Equity

$370,000

Total Assets

 

$535,000

 

           Total Liabilities and Stockholders' Equity

$535,000

 

 

1.86 : 1.

 

 

2.93 : 1.

 

 

2.00 : 1.

 

 

3.38 : 1.