Power Corp. reported the following data for calendar 2020: Total assets.............................................. $625,000 Current assets.......................................... 325,000 Total liabilities...........................................
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Power Corp. reported the following data for calendar 2020:
| Total assets.............................................. | $625,000 | ||
| Current assets.......................................... | 325,000 | ||
| Total liabilities........................................... | 300,000 | ||
| Long-term liabilities.................................. | 145,000 | ||
| Inventories, Dec 31/19............................. | 110,000 | ||
| Inventories, Dec 31/20............................. | 100,000 | ||
| Net sales.................................................. | 1,550,000 | ||
| Gross profit.............................................. | 920,000 | ||
| Net income.............................................. | 205,000 |
To two decimals, Power Corp.’s current ratio for 2020 is
a. 2.08.
b. 0.92.
c. 2.10.
d. 1.08.
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