Reference no: EM132631359
Problem 1: The classified balance sheet for a company reported current assets of $1,494,149, total liabilities of $808,540, Common Stock of $1,090,000, and Retained Earnings of $139,260. The current ratio was 2.3.
Which of the following statements is not correct?
Select one:
A. Total Assets are $2,037,800.
B. The amount of current assets is 2.3 times the amount of current liabilities.
C. Noncurrent liabilities are $139,260.
D. Total Stockholders' equity is $1,229,260.
Problem 2: A company's trial balance included the following account balances:
Accounts Payable $19,317
Accounts Receivable 81,446
Cash 73,434
Income Tax Payable 3622
Inventory 25,926
Note Payable, due in two years 1819
Equipment 55,228
Stockholders' Equity 203,908
Supplies 5622
Wages Payable 12,990
What is the amount of the current ratio? (Round your answer to 2 decimal places.)
Select one:
A. 1.99
B. 4.97
C. 5.19
D. 1.00
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