Reference no: EM132472498
Coastal Company's balance sheet reported total assets of $473,000, which include:
cash, $35,000;
accounts receivable, $150,000;
land, $100,000;
inventory, $180,000; and
prepaid expenses, $8,000.
Total liabilities amounted to $244,000, which include:
accounts payable, $130,000;
short-term notes payable, $8,000;
unearned revenue, $6,000; and
long-term liabilities, $100,000.
Question 1: Compute the current ratio.
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