Blackboard Question 17 Use the following data to calculate the current ratio Koo
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Blackboard Question 17 Use the following data to calculate the current ratio Koonce Office Supplies Balance Sheet December 31, 2012 Cash Prepaid Insurance Accounts Receivable Invent Land held for Investment Land Buildings Less Accumulated Depreciation Trademarks Total Assets $130,000 60,000 100,000 140,000 150,000 180,000 .0001600000 $1 040 00 40.000) 160,000 Accounts Payable Salaries Payable Mortgage Payable Total 20,000 Common Stock Retained Earmings Total Stockholders Equity Total Liabilities and Stockholders Equity $240,000 181 1 1.44 1 3.07 1 269 1 t& Moving to the next question prevents changes to this ansorerExplanation / Answer
Current Assets
Cash= $130,000
Prepaid insurance= $60,000
Accounts Receivable= 100,000
Inventory= 140,000
Current Assets= $430,000
Current Liabilities
Accounts Payabale= 140,000
Salary Payable = 20,000
Mortgage Payment = 160,000
Current Liability= 320,000
Current ratio= Current assets/current liability= 430,000/320,000= 1.44:1
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