The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY...
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Accounting
The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets Total assets Current liabilities Bonds payable(11%) (long-term) Common stock Retained earnings Total liabilities and equity $ 21,500 34,00 49,400 72,100 275,000 13,400 $465, 480 $184,800 125,000 75, eee 160,600 $465,400 MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income $779,800 447,480 $331,600 172,200 $159,400 13,750 $145,650 43,695 $101,955 Required: Compute the current ratio for Marjoram Company. (Round your answer to 2 decimal places.) Current ratio
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