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The classified balance sheet for a company reported current assets of $1,819,244, total liabilities of $818,540, Common Stock of $1,190,000, and Retained Earnings of $149,260. The current ratio was 2.8. What is the total amount of current liabilities? Multiple Choice $649,730 $818,540 $338,556 $1,000,704

Respuesta :

Answer:

$649,730

Explanation:

We know that,

Current ratio = Current assets ÷ current liabilities

$2.8 = $1,819,244 ÷ current liabilities

So, the current liabilities would be

= $1,819,244 ÷ 2.8

= $649,730

This ratio shows the liquidity and the solvency of the business organization

All other information which is given is not relevant. Hence, ignored it

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