The following account balances were taken from the end of fiscal year financial statements of Birddog, Inc. for December 31, 2011:
Cash in Bank 10,000 Accounts Payable 18,000
Accounts Receivable 20,000 Federal Income Tax Payable 2,200
Merchandise Inventory 17,800 Dividends Payable (due 2 15 06) 4,400
Prepaid Insurance 2,200 Sales Taxes Payable 400
Long Term Notes Payable (due 2 1 10) 150,000
For questions 35 through 37, write the correct amount or ratio on your answer sheet. Ratios must be rounded to the nearest tenth and expressed as in this example: 2 to 1.
35. What is the amount of working capital?
36. What is the quick ratio?
37. What is the current ratio?
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