Use the following data to calculate the current ratio. Koonce Office Supplies Balance Sheet December 31, 2012
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Use the following data to calculate the current ratio.
Koonce Office Supplies
Balance Sheet
December 31, 2012
| Cash | $130,000 | Accounts Payable | $140,000 | ||
| Prepaid Insurance | 60,000 | Salaries Payable | 20,000 | ||
| Accounts Receivable | 100,000 | Mortgage Payable | 160,000 | ||
| Inventory | 140,000 | Total Liabilities | $320,000 | ||
| Land held for Investment | 150,000 | ||||
| Land | 180,000 | ||||
| Buildings | $200,000 | Common Stock | $240,000 | ||
| Less Accumulated | Retained Earnings | 500,000 | |||
| Depreciation | (40,000) | 160,000 | Total Stockholders |
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