Question: Use the following data to calculate the current ratio. Ace Supply Company Balance Sheet December 31, 2025 Cash $126900 Accounts payable $164500 Accounts receivable 121900

Use the following data to calculate the current ratio.

Ace Supply Company Balance Sheet December 31, 2025
Cash $126900 Accounts payable $164500
Accounts receivable 121900 Salaries and wages payable 33700
Inventory 211200 Note payable (due 2028) 268300
Short-term investments 85700 Total liabilities 466500
Land (held for future use) 253000
Land 287000
Buildings $340000 Common stock 356000
Less: Accumulated depreciation (58000) 282000 Retained earnings 748500
Franchise 203300 Total stockholders' equity 1104500
Total assets $1571000 Total liabilities and stockholders' equity $1571000

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