Homework Answers
Current Ratio
Current Ratio = Total Current assets / Total current liabilities
= [Cash + Accounts receivables + Inventory + Prepaid insurance] / [Accounts payable + Salaries & wages payable]
= [$70,000 + $100,000 + $140,000 + $80,000] / [$130,000 + $20,000]
= $390,000 / $150,000
= 2.60
= 2.60 : 1
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