155. Loren Corporation Listed below is information from the financial records of Loren Corporation at December 31, 2014: Retained earnings $37,000 Notes payable--Due July 1, 2017 $12,000 Accumulated depreciation 13,000 Interest payable 1,000 Income taxes payable 24,000 Office supplies 2,000 Buildings 48,000 Accounts payable 36,000 Cash 11,000 Inventory 33,000 Accounts receivable 35,000 Land 50,000 Capital stock 60,000 Prepaid rent 4,000 Read the information about Loren Corporation. Required: Calculate Manus' current ratio at December 31, 2014. What does this ratio tell you about the "composition" of the current assets? | |
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