Gant Wholesale Company Has $2,000 in Cash, $20,000 in Accounts

question 42

Essay

Gant Wholesale Company has $2,000 in cash, $20,000 in accounts receivable, $34,000 in inventory, and $1,600 in prepaid expenses.Liabilities totaled $120,000, with $36,000 current and $84,000 long-term.What is Gant's current ratio?

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Definitions:

Chloroplast

Organelle of photosynthesis in plants and photosynthetic protists. Light-dependent reactions occur at its inner thylakoid membrane; light-independent reactions, in the stroma.

Thylakoid Membrane

A membrane-bound structure within chloroplasts that contains chlorophyll, where the light-dependent reactions of photosynthesis occur.

Photosystems I and II

Components of the photosynthetic process in plants and algae, capturing light energy for ATP and NADPH production.

Thylakoid Membrane

A compartment enclosed by a membrane within chloroplasts and cyanobacteria, where light-dependent photosynthesis reactions take place.