The financial statements for Barrington Service Company include the following items: 2025 2024 Cash $42,000 Short-term Investments 16,000 Net Accounts Receivable 51,000 43,000 Merchandise Inventory Total Assets 549,000 Accounts Payable 125,000 Salaries Payable 15,000 Long-term Note Payable 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.) $50,500 27,000 56,000 156,000 525,000 128,500 16,000 63,000
The financial statements for Barrington Service Company include the following items: 2025 2024 Cash $42,000 Short-term Investments 16,000 Net Accounts Receivable 51,000 43,000 Merchandise Inventory Total Assets 549,000 Accounts Payable 125,000 Salaries Payable 15,000 Long-term Note Payable 55,000 Compute the current ratio for 2024. (Round answer to two decimal places.) $50,500 27,000 56,000 156,000 525,000 128,500 16,000 63,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![The financial statements for Barrington Service Company include the following items:
2025
2024
Cash
$50,500
$42,000
Short-term Investments
27,000
16,000
Net Accounts Receivable
56,000
51,000
156,000
43,000
Merchandise Inventory
Total Assets
525,000
549,000
Accounts Payable
128,500
125,000
Salaries Payable
16,000
15,000
Long-term Note Payable
63,000
55,000
Compute the current ratio for 2024. (Round answer to two decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3767972f-3214-400b-8b16-9d53654b165b%2F403b052d-517f-473a-8eb6-2af4391cb957%2Forvyq3a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The financial statements for Barrington Service Company include the following items:
2025
2024
Cash
$50,500
$42,000
Short-term Investments
27,000
16,000
Net Accounts Receivable
56,000
51,000
156,000
43,000
Merchandise Inventory
Total Assets
525,000
549,000
Accounts Payable
128,500
125,000
Salaries Payable
16,000
15,000
Long-term Note Payable
63,000
55,000
Compute the current ratio for 2024. (Round answer to two decimal places.)
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