1) The financial statements for Barrington Service Company include the following items: 20192018Cash $49,500 $50,000Short-term Investments 29,00019,000Net Accounts Receivable60,00046,000Merchandise Inventory156,00048,000Total Assets532,000544,000Accounts Payable133,500127,000Salaries Payable20,00015,000Long-term Note Payable 59,00054,000 Compute the current ratio for 2018. (Round answer to two decimal places.)

The current ratio is the ratio of current assets and current liabilities.

Answered: 1) The financial statements for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1) The financial statements for Barrington Service Company include the following items:

	2019	2018
Cash	$49,500	$50,000
Short-term Investments	29,000	19,000
Net Accounts Receivable	60,000	46,000
Merchandise Inventory	156,000	48,000
Total Assets	532,000	544,000
Accounts Payable	133,500	127,000
Salaries Payable	20,000	15,000
Long-term Note Payable	59,000	54,000

Compute the current ratio for 2018. (Round answer to two decimal places.)

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