ACC 561 help A Guide to career/uophelp.com ACC 561 help A Guide to career/uophelp.com | Page 17

$3921000
$3189000
$1461000
$2049000
Multiple Choice Question 91
Use the following data to calculate the current ratio.
Kingbird, Inc.
Balance Sheet
December 31, 2017
Cash
$125100
Accounts
payable
$162500
Accounts receivable
120300
Salaries and wages
payable
26500
Inventory
201900
Mortgage
payable
274500
Prepaid insurance
86500
Total
liabilities $463500
Stock Investments (long-term)
251000
Land
287500
Buildings
$338500
Common
stock $356000
Less: Accumulated depreciation
(60000)
278500
Retained earnings
739300
Trademarks
208000
Total stockholders'
equity
$1095300
Total assets
$1558800
Total
liabilities and
stockholders' equity
$1558800