The financial statements of Trenton Office Supply include the following items: Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Building (net) Total Current Liabilities Long-term Note Payable 2025 $52,500 27,000 92,000 135,000 529,000 255,000 64,000 2024 $47,000 13,000 97,000 127,000 549,000 236,000 57,000 What is the 2025 current ratio? (Round your answer to two decimal places.) 1.66 1.20 0.83 0.58

Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...
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The financial statements of Trenton Office Supply include the following items:
Cash
Short-term Investments
Net Accounts Receivable
Merchandise Inventory
Building (net)
Total Current Liabilities
Long-term Note Payable
2025
$52,500
27,000
92,000
135,000
529,000
255,000
64,000
2024
$47,000
13,000
97,000
127,000
549,000
236,000
57,000
What is the 2025 current ratio? (Round your answer to two decimal places.)
1.66
1.20
0.83
0.58
Transcribed Image Text:The financial statements of Trenton Office Supply include the following items: Cash Short-term Investments Net Accounts Receivable Merchandise Inventory Building (net) Total Current Liabilities Long-term Note Payable 2025 $52,500 27,000 92,000 135,000 529,000 255,000 64,000 2024 $47,000 13,000 97,000 127,000 549,000 236,000 57,000 What is the 2025 current ratio? (Round your answer to two decimal places.) 1.66 1.20 0.83 0.58
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