A partial list shows that Charles Corporation’s adjusted trial balance

During 2018, Towson Company had credit sales of $48,000 and cash sales
May 5, 2020
Do governments ever go bankrupt?
May 5, 2020

A partial list shows that Charles Corporation’s adjusted trial balance

included the following items (all account balances are normal):
Accounts payable $42,500, Accounts receivable $58,500, Capital stock $100,000, Cash $42,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,300, Inventory $32,000, Note payable $21,000, Prepaid expenses $7,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie’s current ratio? (Round your answer to two decimal places.)

 
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