Kingery Corporation Has Current Assets of $1,800,000 and Current Liabilities

question 18

Multiple Choice

Kingery Corporation has current assets of $1,800,000 and current liabilities of $750,000.If they pay $350,000 of their accounts payable, what will their new current ratio be?

• A)3.6:1
• B)2.4:1
• C)4.5:1
• D)2.0:1

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Definitions:

Apocrine

A type of gland that releases its secretions by shedding portions of its cells, often associated with scent glands in mammals.

Endocrine

Relating to glands that secrete hormones directly into the bloodstream, influencing various bodily functions.

Exocrine

Pertains to glands that release their secretions through ducts onto an epithelial surface, such as sweat glands.

Goblet Cells

Specialized epithelial cells that secrete mucus to lubricate and protect the mucous membranes of the intestines and respiratory tract.