Brock Company's financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Cash and short-term investments $ 40,000 Accounts receivable (net) 30,000 Inventory 25,000 Property, plant, and equipment 215,000 Total assets $310,000 Liabilities and Stockholders' Equity Current liabilities $
60,000 Long-term liabilities 95,000 Stockholders' equity—Common 155,000 Total liabilities and stockholders' equity $310,000 Income Statement Sales $90,000 Cost of goods sold 45,000 Gross margin $45,000 Operating expenses 20,000 Net income $25,000 Number of shares of common stock 6,000 Market price of common stock $20 What is the current ratio?
a. 1.42
b. 0.78
c. 1.58
d. 0.67
c
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Indicate whether the statement is true or false
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Indicate whether the statement is true or false
Which of the following is typically associated with cookie jar reserves?
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A company made no adjusting entry for accrued and unpaid employee salaries of $8600 on December 31. Which of the following statements is true?
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