Reference no: EM132488305

Question - A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):

Accounts payable $38,000, Accounts receivable $60,000, Capital stock $100,000, Cash $60,000, Dividends $10,000, Interest expense $4,000, Interest payable $3,500, Inventory $32,000, Prepaid expenses $5,400, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.)