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On December 31, 2017, Seminole Co. had current assets of $25,000 in cash and current liabilities of $8,000 in accounts payable, resulting in a current ratio of 3.13. The company estimates that warranty expense for 2017 is 6% of sales that totaled $200,000. Calculate Seminole's current ratio after warranty expense is recognized.
PHStat
A software program that enhances Microsoft Excel with the capability to perform statistical analysis.
Variance
A measure of the dispersion of a set of data points around their mean, indicating how spread out the data points are.
Index Fund
A type of mutual fund or exchange-traded fund designed to replicate the performance of a specific market index.
PHStat
An Excel add-in that allows users to perform statistical analysis.
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