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Recent financial statements for Madison Company follow: Madison Company Balance

ID: 2381986 • Letter: R

Question

Recent financial statements for Madison Company follow:

Madison Company
Balance Sheet
June 30   Assets    Current assets:       Cash $ 22,000       Accounts receivable, net 260,000       Merchandise inventory 370,000       Prepaid expenses 7,000    Total current assets 659,000    Plant and equipment, net 870,000    Total assets $ 1,529,000   Liabilities and Stockholders' Equity    Liabilities:       Current liabilities $ 200,000       Bonds payable, 11% 370,000    Total liabilities 570,000    Stockholders

Explanation / Answer

Current ratio =current assets/current liabilities

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