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Compute heart of texas telecoms current ratio

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Reference no: EM13529596

Computing the current and debt ratios Heart of Texas Telecom has these account balances at December 31, 2012:

Note payable, long-term

$7,800

Accounts payable

$3,700

Prepaid rent

2,300

Accounts receivable

5,700

Salary payable

3,000

Cash

3,500

Service revenue

29,400

Depreciation expense

6,000

Supplies

500

Equipment

15,000

Requirements

1. Compute Heart of Texas Telecom's current ratio and debt ratio.

2. How much in current assets does Heart of Texas Telecom have for every dollar of current liabilities that it owes?

Reference no: EM13529596

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