The December 31, 2016 balance sheet of Rowan Company shows current assets of $10,000 and current...
|
The December 31, 2016 balance sheet of Rowan Company shows current assets of $10,000 and current liabilities of $8,000. On January 1, 2017 the company recorded the following entries: |
| Cash | 2,800 | |
| Common Stock | 2,800 | |
| Cash | 2,000 | |
| Accounts Receivable | 2,000 |
| After the two journal entries were recorded, the company current ratio is: |
2 to 1
1.3 to 1
1.9 to 1
1.6 to 1
Homework Answers
D. 1.6 to 1
Current assets = $10,000 + $2,800 + $2,000 - $2,000 = $12,800
Current liabilities = $8,000
Current ratio = Current assets / Current liabilities = $12,800 / $8,000 = 1.6 to 1
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