Answers
Current ratio depicts the liquidity position of the company in short term. It tells us if current assets are enough to service short term obligations.
| Accounts receivable | $ 48,500 |
| Cash | $ 60,000 |
| Inventory | $ 32,000 |
| Prepaid expenses | $ 4,200 |
| Current Assets (A) | $ 144,700 |
| Accounts Payable | $ 48,500 |
| Interest payable | $ 3,200 |
| Current Liabilities (B) | $ 51,700 |
| Current Ratio (A/B) | 2.80 |
Although The note payable balance is due in nine months is mentioned in question, there is no note payable balance as given. If there is balance, add to current liabilities section.
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