Rubendall Corporation's total current assets are $310,000, its noncurrent assets are $630,000, its total current liabilities are $250,000, its long-term liabilities are $300,000, and its stockholders' equity is $390,000.Required:Compute the company's current ratio. Show your work!
What will be an ideal response?
Current ratio = Current assets ÷ Current liabilities
= $310,000 ÷ $250,000 = 1.24
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