Exercise 4-13 Computing the current ratio LO A1 Use the information in the following adjusted trial balance for the Wilson Trucking Company. Account Title Debit Credit Cash $ 6,500 Accounts receivable 16,500 Office supplies 2,000 Trucks 186,000 Accumulated $ 38, 316 depreciation-Trucks Land 75,000 Accounts payable 10,500 Interest payable 3,000 Long-term notes payable 52,000 K. Wilson, Capital 168, 178 K. Wilson, Withdrawals 19,000 Trucking fees earned 148,000 Depreciation expense- Trucks 24,714 Salaries expense 69,412 Office supplies expense 8,140 Repairs expense-Trucks 12,728 Totals $419,994 $419,994 1. Calculate the current ratio. Assume that the industry average for the current ratio is 1.5. Current Ratio Choose Numerator: 1 Choose Denominator: Current Ratio Current ratio 2. Compare Wilson's current ratio with the industry average. Wilson's current ratio is below the industry average. Wilson's current ratio is above the industry average