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Coastal Company's balance sheet for the year 2013 reported total assets of $473,000, which include:...

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Accounting

Coastal Company's balance sheet for the year 2013 reported total assets of $473,000, which include: cash, $35,000; accounts receivable, $150,000; land, $100,000; inventory, $180,000; and prepaid expenses, $8,000. Total liabilities amounted to $244,000, which include: accounts payable, $130,000; short-term notes payable, $8,000; unearned revenue, $6,000; and long-term liabilities, $100,000. Compute the current ratio for the year 2013.

A. 2.59 B. 1.53 C. 1.28 D. 2.00

Show your work; points will be awarded only if process to solve is shown.

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