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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please help me 

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.)
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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education