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Compute Chavez Company Current Ratio

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Sandra Watson
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Compute Chavez Company’s current ratio using the following information.

Accounts receivable . . . . . . . . . . . . . . $18,000
Long-term notes payable . . . . . . . . . . $21,000
Accounts payable . . . . . . . . . . . . . . . . . 11,000
Office supplies . . . . . . . . . . . . . . . . . . . . . 2,800
Buildings . . . . . . . . . . . . . . . . . . . . . . . . 45,000
Prepaid insurance . . . . . . . . . . . . . . . . . . . 3,560
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000
Unearned services revenue . . . . . . . . . . . . 3,000

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