Granite State Telephone and Telegram has these account balances at December Jl 2011:

Requirements 

1. Compute Granite State Telephone and Telegram’s current ratio and debt ratio.
2. How much in current assets does Granite State Telephone and Telegram have for every dollar of current liabilities that it owes?

Transcribed Image Text:

Note payable, long-term $ 12,200 Accounts payable 5 4,400 Prepaid rent Salary payable Service revenue 2,100 Accounts receivable 6,100 2,000 Cash 2,500 33,300 Depreciation expense 4,000 Supplies 1,200 Equipment 12,000