Andrew Smith prepared the following balance sheet at December 31, 2022. He is planning to apply...

  

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Andrew Smith prepared the following balance sheet at December 31, 2022. He is planning to apply for a loan at the First County Bank in the hope of buying a new new delivery truck. Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Total assets Smith Delivery Service Balance Sheet December 31, 2022 $800 Accounts payable 400 100 900 $23,000 (6.000) 17,000 $19,200 The note is due in monthly installments of $450. Salaries and wages payable Note payable Total liabilities. Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $600 200 12,100 12,900 5,200 1,100. 6,300 $19,200 (a) Compute the company's current ratio. (Round answers to 2 decimal places, e.g. 5.75.) Current Ratio eTextbook and Media Save for Later :1 Attempts: 0 of 3 used Submit Answer Andrew Smith prepared the following balance sheet at December 31, 2022. He is planning to apply for a loan at the First County Bank in the hope of buying a new new delivery truck. Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Total assets Smith Delivery Service Balance Sheet December 31, 2022 $800 Accounts payable 400 100 900 $23,000 (6.000) 17,000 $19,200 The note is due in monthly installments of $450. Salaries and wages payable Note payable Total liabilities. Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $600 200 12,100 12,900 5,200 1,100. 6,300 $19,200 (a) Compute the company's current ratio. (Round answers to 2 decimal places, e.g. 5.75.) Current Ratio eTextbook and Media Save for Later :1 Attempts: 0 of 3 used Submit Answer

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