Question 20 (4 points) Use the following data Neddy Auto Supplies Balance Sheet December 31, 2017 $ 70,000 30,000 400,000 $500,000 Cash Accounts receivable Inventory Prepaid insurance Long-term investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $130,000 Accounts payable 120,000 Salaries and wages payable 110,000 Mortgage payable 40,000 Total liabilities 255,000 285,000 Common stock $339,000 (60,000) $360,000 279,000 Retained earnings 361,000 Total stockholders' equity 720,000 $1,080,000 $1,580,000 Total Liabilities and stockholders equity Calculate the current ratio O 1) 1.30 1 O 2) .30 : 1 3) 4.00 1 O4) 3.60:1