The Lake Company Has Provided the Following Account Balances

question 43

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The Lake Company has provided the following account balances:
Cash $76,000;
Short-term investments $8,000;
Accounts receivable $12,000;
Inventory $96,000;
Long-term notes receivable $4,000;
Equipment $192,000;
Factory Building $360,000;
Intangible assets $12,000;
Accounts payable $90,000;
Accrued liabilities payable $12,000;
Short-term notes payable $42,000;
Long-term notes payable $184,000.
Requirement:
What is Lake's current ratio?

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Definitions:

General Adaptation Syndrome

A theory describing the body's short-term and long-term reactions to stress.

Countershock

The body's reactive processes following the initial shock or alarm phase in response to stress.

Resistance

The refusal to accept or comply with something; in a work setting, it typically refers to employees' opposition to changes in policies or practices.

Recognition

The act of acknowledging or rewarding an individual's achievements, contributions, or status, often used as a motivational tool in the workplace.