Indooroopilly & Sons Reports

question 35

Multiple Choice

Indooroopilly & Sons reports:
Total assets $ 950 000
Profit 80 000
Current liabilities 570 000
If current assets = 40% of total assets Indooroopilly's current ratio is:

• A)1 to 2.
• B)3 to 2.
• C)2 to 1.
• D)2 to 3.

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Definitions:

Alteration

A change or modification in something, often referring to physical changes to documents or objects.

Drawer

In the context of financial instruments, the individual or entity that writes and signs a check, effectively instructing the bank to pay the specified amount to the party named or to the bearer.

Charging

The process of imposing a charge or fee for services rendered or for access to facilities or information.

Certifies

The act of officially recognizing, confirming, or attesting to the validity of something, such as a document or claim.