A partial balance sheet ($s in thousands) for Captain D\'s Seafood Inc. is shown

Question

A partial balance sheet ($s in thousands) for Captain D's Seafood Inc. is shown below. Assets: Liabilities: Cash $64 Accounts payable $242 Accounts receivable (net) 173 Other liabilities 88 Notes receivable 56 Total current liabilities 330 Inventories 205 Long-term liabilities 117 Prepaid expenses 35 Total liabilities 447 Total current assets 533 Shareholders' equity: Plant assets (net) 257 Capital stock 152 Retained earnings 191 Total stockholders’ equity 343 Total assets $790 Total liabilities and equity $790 The current ratio is (Round your answer to 2 decimal places):

.67 times

1.19 times

2.60 times

1.62 times

Explanation / Answer

Current Assets=$64+$173+$205+$35+$56=$533

Current Liabilities=$242+$88=$330

Currrent Ratio=$533/$330=1.62 Times

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