Favor Company has a current ratio of 1.35 on December 31. On that date the company's current
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Favor Company has a current ratio of 1.35 on December 31. On that date the company's current assets are as follows: Cash and cash equivalents $67,200 Short-term investments 208,800 Accounts receivable (net) 300,000 Inventory 428,400 Prepaid expenses 27,600 Current assets $1,032,000 Favor Company's current liabilities at the beginning of the year were $468,000 and during the year its operating activities provided a cash flow of $76,118.
a. What are the firm's current liabilities on December 31?
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Auditing a risk based approach to conducting a quality audit
ISBN: 978-1133939153
9th edition
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
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