Question: What is the current ratio for the information given below: The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.

What is the current ratio for the information given below:

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. 

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Liabilities and Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities Long-term liabilities. Total liabilities. Shareholders' equity: Common stock Retained earnings Total shareholders' equity Total liabilities and equity Assets Current assets: Cash Accounts receivable (net) Notes receivable Inventory Prepaid expenses Total current assets Equipment (net) Total assets $ 64 175 65 218 25 547 260 $807 The current ratio is (Round your answer to 2 decimal places.): $ 230 77 307 106 413 135 259 394 $ 807

Step by Step Solution

3.34 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

To calculate the current ratio you need to divide the total current assets by the total cur... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!