The December 31, Year 1, balance sheet of Rowan Company shows current assets of $32,000 and current liabilities of $18,000. On January 1, Year 2, the company recorded the following entries: Cash14,800? Common stock 14,800?Cash4000? Accounts receivable 4000? After the two journal entries were recorded, what is the company's current ratio?
A. 1.8 to 1
B. 2.8 to 1
C. 2.6 to 1
D. 1.7 to 1
Answer: C
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