Use the information in the adjusted trial balance reported in Exercise 4-4 to compute the current ratio as of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for the Webb Trucking Company. (Assume that the industry average for the current ratio is1.5.)

Account Title Credit Accounts receivable. .16.500 Trucks Trucks Land... 75,000 ts payable Interest payable. Long-term notes payable K. Webb. WithdrawalsW Trucking fees earned Depreciation expense-Trucks Salaries expense.... Office supplies expense Repairs expenserucks 60,000 $390,000 $390,000