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Question(s) / Instruction(s):

Using the following balance sheet and income statement data, what is the current ratio?

Current assets $12,000          Net income $12,000

Current liabilities 8,000           Stockholders’ equity 24,000

Total assets 32,000               Total liabilities 8,000

Average common shares outstanding was 10,000

a)            2.5:1

b)            1.5:1

c)            0.6:1

d)            3.2:1

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