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. |
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