Reference no: EM131794571
Problem
Conner Corporation's adjusted trial balance included the following items:
Accounts payable ($65,000), Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ($47,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000), Property, plant & equipment ($123,000), Retained earnings ($46,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000). The note payable balance is not due for many years, although interest is paid annually. How much is Conner's current ratio?
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