Based on the Following Information, Determine the Current Ratio, Assuming

question 165

Multiple Choice

Based on the following information, determine the current ratio, assuming all accounts have a normal balance?
$\begin{array} { l r l r } \text { Cash } & \$ 6,754 & \text { Dividends } & \$ 2,000 \\\text { Accounts receivable } & 13,733 & \text { Consulting fees earned } & 13,718 \\\text { Office supplies } & 2,625 & \text { Rent expense } & 3,673 \\\text { Land } & 37,153 & \text { Salaries expense } & 6,642 \\\text { Office equipment } & 14,535 & \text { Telephone expense } & 560 \\\text { Accounts payable } & 6,463 & \text { Miscellaneous expense } & 280 \\\text { Common stock } & 54,490 & \text { Retained Earnings } & ?\end{array}$

• A) 1.23
• B) 3.58
• C) 11.57
• D) 1.23.
• E) 1.57.

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Definitions:

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The practice of tracking and killing wild animals for food, recreation, or trade, often regulated by laws to ensure sustainable populations.

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A term describing the internal conflict experienced by individuals who are forced to reconcile two drastically different perceptions or lived realities simultaneously.

Tertiary

Pertaining to the third level or stage, often used in the context of tertiary education (higher education) or the tertiary sector (services sector).