I was given this information for a question on my assignment: Selected year-end

Question

I was given this information for a question on my assignment:

Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $55,900; total assets, $209,400; common stock, $115,000; and retained earnings, $51,948.)

Selected year-end financial statements of McCord Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2010, were inventory, $55,900; total assets, $209,400; common stock, $115,000; and retained earnings, $51,948.)

Explanation / Answer

Current asset= Total assets - Plants asset

Current Asset 2011 = 254,950- 152300 =$102,650

Current Liabilities = Total Total liabilities - Long-term note payable = 254,950-46,450 -115,000-62,400 =$31100

current ratio = 102,650/31100 = 3.3

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