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What was the current ratio

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Question 1 - Rice Company, a retailer, has provided the following information pertaining to its recent year of operation:

Net income, $95,000

Accounts receivable increased $8,400

Prepaid insurance decreased $2,400

Depreciation expense was $12,500

Gain on sale of land, $1,400

Wages payable decreased $6,400

Unearned revenue increased $8,500

Using the indirect method, how much was Rice's net cash provided by operating activities?

Question 2 - Teague Company's working capital was $48,000 and total current liabilities were one-eighth of that amount. What was the current ratio?

Reference no: EM132493176

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