Question

What was png company's current ratio for the year 20x1? 7.74 3.32 2.66 2.47?

Answer 1

From the comparative balance sheet, the total current asset is $271,100 and the total current liabilities is $81,600.

The current ratio is given by total current asset divided by the total current liabilities.

Therefore, The current ratio is given by

$\frac{\ 271,100}{\ 81,600} =3.32$