Answered Essay: Based on this financial data, calculate the Current Ratio. Make sure to include zeros and round your ans

Question 5 (0.25 points) Based on this financial data, calculate the Current Ratio. Net Worth Current Liabilities $ 1400 Take-home Pay Gross Income $ 62700 $7470 $ 5110 Liabilities Liquid Assets Monthly Credit Payments $ 2980 $ 2890 $ 3330 s 180 Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc. Do not include a comma orS sign in your response.

Based on this financial data, calculate the Current Ratio. Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc. Do not include a comma or “$” sign in your response. Your answer: ________

Expert Answer

 

Current ratio indicates proportion of current assets of the company to its current liabilities. It is used to measure the company’s ability to pay off its short-term (current) liabilities.

The formula for calculating current ratio is: Current assets / Current liabilities

current assets / current liabilities = 5110 / 1400

current ratio = 3.65

Note: Liquid assets are also known as current assets.

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