Swan Song's adjusted trial balance as of December 31, 2016 is given below: Debit Credit Cash $12,000 Accounts Receivable 11,000 Prepaid Rent 7,000 Prepaid Insurance 2,000 Office Supplies 3,000 Building 52,000 Accumulated Depreciation—B
A) 7.01
B) 2.07
C) 1.80
D) 2.73
D .Cash $12,000
Accounts Receivable 11,000
Prepaid Rent 7,000
Prepaid Insurance 2,000
Office Supplies 3,000
Total current assets $35,000
Accounts Payable $5,800
Salaries Payable 4,200
Interest Payable 2,800
Total current liabilities $12,800
Current ratio = Total current assets / Total current liabilities
Current ratio = $35,000 / $12,800 = 2.73
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