The following information was taken from the financial statements of Brandon's Motor Shop: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The current ratio for Brandon's Motor Shop is closest to
The following information was taken from the financial statements of Brandon's Motor Shop: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The current ratio for Brandon's Motor Shop is closest to
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information was taken from the financial statements of Brandon's Motor Shop:
| Total current assets | $ 53,000 |
| Property, plant, and equipment | 6,000 |
| Current liabilities | 21,000 |
| Long-term liabilities | 4,000 |
| Owner's equity | 34,000 |
| Beginning inventory | 31,000 |
| Ending inventory | 33,000 |
| Cost of goods sold | 152,000 |
| Net income | 42,000 |
The
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