The following information was taken from the financial statements of Brandon's Motor Shop:Total current assets$ 53,000Property, plant, and equipment6,000Current liabilities21,000Long-term liabilities4,000Owner's equity34,000Beginning inventory31,000Ending inventory33,000Cost of goods sold152,000Net income42,000The current ratio for Brandon's Motor Shop is closest to

Ratio analysis is a method of measuring the financial position of the organization with different…

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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The following information was taken from the financial statements of Brandon's Motor Shop:

Total current assets	$ 53,000
Property, plant, and equipment	6,000
Current liabilities	21,000
Long-term liabilities	4,000
Owner's equity	34,000
Beginning inventory	31,000
Ending inventory	33,000
Cost of goods sold	152,000
Net income	42,000

The current ratio for Brandon's Motor Shop is closest to

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