Question

The accounts and balances that follow are from the general ledger of Charlton Corporation.
Accounts Payable .................. $13,280
Accounts Receivable .................. 8,160
Cash ....................... 1,200
Current Portion of Long-Term Debt ............ 8,000
Long-Term Investments ................ 16,640
Marketable Securities ................. 10,080
Merchandise Inventory ................. 20,320
Notes Payable (90 days) ................ 12,000
Notes Payable (2 years) ................. 32,000
Notes Receivable (90 days) .............. 20,800
Notes Receivable (2 years) .............. 16,000
Prepaid Insurance ................... 320
Property, Plant, and Equipment ............ 96,000
Property Taxes Payable ............... 1,000
Retained Earnings ................. 45,280
Salaries Payable .................. 680
Supplies ..................... 280
Unearned Revenue .................. 600
1. Compute the working capital.
2. Compute the current ratio. (Note: Round to 2 decimal places.)



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  • CreatedSeptember 10, 2014
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