The Hummel Corporation Reported the Following Income Statement and Balance

question 156

Multiple Choice

The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. Inventory and prepaid expenses account for $28,000 of the current year's current assets.
Average inventory for the current year is $12,000.
Average net accounts receivable for the current year is $32,000.
There are 40,000 shares of common stock outstanding.
Total dividends paid during the current year were $60,000.
The market price per share of common stock is $25.
What is the company's current ratio for the current year?

• A)4)05
• B)1)23
• C)0)81
• D)0)24

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