The Coffman Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Coffman's current ratio? Group of answer choices a)2.00 b)2.17 c)2.71 d)1.96 e)None of the above
The Coffman Company has provided the following account balances: Cash $380,000 Short-term investments $40,000 Accounts receivable $60,000 Inventory $480,000 Long-term notes receivable $20,000 Equipment $960,000 Factory Building $1,800,000 Intangible assets $60,000 Accounts payable $300,000 Accrued liabilities payable $40,000 Short-term notes payable $95,000 Income taxes payable $55,000 Long-term notes payable $920,000 Stockholders’ equity $2,400,000 What is Coffman's current ratio? Group of answer choices a)2.00 b)2.17 c)2.71 d)1.96 e)None of the above
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 32BE
Related questions
Question
The Coffman Company has provided the following account balances:
- Cash $380,000
- Short-term investments $40,000
Accounts receivable $60,000- Inventory $480,000
- Long-term notes receivable $20,000
- Equipment $960,000
- Factory Building $1,800,000
- Intangible assets $60,000
- Accounts payable $300,000
- Accrued liabilities payable $40,000
- Short-term notes payable $95,000
- Income taxes payable $55,000
- Long-term notes payable $920,000
Stockholders’ equity $2,400,000
What is Coffman'scurrent ratio ?
Group of answer choices
a)2.00
b)2.17
c)2.71
d)1.96
e)None of the above
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