(L.OBJ. 6) Computing the current and the debt ratio [10-15 min] Granite State Telephone...

(L.OBJ. 6) Computing the current and the debt ratio [10-15 min]

Granite State Telephone and Telegram has these account balances at December 31, 2011:

Requirements

1. Compute Granite State Telephone and Telegram’s current ratio and debt ratio.

2. How much in current assets does Granite State Telephone arid Telegram have for every dollar of current liabilities that it owes?