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If the current ratio is 3.2, and the current liabilities are $110,000, what is the amount of current assets?
Secondarily Liable
Refers to the responsibility that falls on a party only after the primarily liable party has failed to fulfill their obligations.
Accommodation Maker
An individual who signs a loan document as a guarantor without receiving any of the loan proceeds, promising to pay the debt if the principal borrower fails to do so.
Primarily Liable
Being directly and foremost responsible for a legal obligation or debt.
Promissory Note
A financial instrument that contains a written promise by one party to pay another a definite sum of money, either on demand or at a specified future date.
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