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Table 4-1,Garland Company,Balance Sheet,Assets:,Cash and marketable securities $500,000,Accounts receivable 800,000,Inventories 1,350,000,Prepaid expenses 50,000,Total current assets $2,700,000,Fixed assets 5,000,000,Less: accum. depr. (2,000,000),Net fixed assets $3,000,000,Total assets $5,700,000,Liabilities:,Accounts payable $400,000,Notes payable 900,000,Accrued taxes 75,000,Total current liabilities $1,375,000,Long-term debt 1,200,000,Owner’s equity 3,125,000,Total liabilities and owner’s equity $5,700,000,Net sales (all credit) $8,000,000,Less: Cost of goods sold (3,500,000),Selling and administrative expense (2,000,000),Depreciation expense (250,000),Interest expense (150,000),Earnings before taxes 2,100,000,Income taxes (700,000),Net income $1,400,000,Common stock dividends $500,000,Common Shares Outstanding 1,000,000,,Based on the information in Table 4-1, the current ratio is,a. 2.89.,b. 1.21.,c. 1.96.,d. 1.05.

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