Please Refer to the Following Information and Calculate the Current

question 28

Multiple Choice

Please refer to the following information and calculate the current ratio: $\begin{array}{|l|r|r|} \hline&{\text { Debit }} & \text { Credit } \\\hline \text { Cash } & \$ 6,000 \\\hline \text { Accounts receivable } & 2,000 \\\hline \text { Prepaid insurance } & 800 \\\hline \text { Land } & 40,000 \\\hline \text { Building } & 50,000 \\\hline \text { Accumulated depreciation } & & \$ 32,000 \\\hline \text { Accounts payable } & & 9,400 \\\hline \text { Wages payable } & & 4,000 \\\hline \text { Notes payable - short term } & & 3,200\\\hline\end{array}$

• A) 0.25
• B) 1.89
• C) 0.53
• D) 4.02

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