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signment/take AssignmentMain.do?invoker=assignments&take AssignmentSessionLocator assignment-take&inprogress=false Q Calculator Guinther & Sons, Inc. Guinther & Sons, Inc., a...

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signment/take AssignmentMain.do?invoker=assignments&take AssignmentSessionLocator assignment-take&inprogress=false Q Calculator Guinther & Sons, Inc. Guinther & Sons, Inc., a retailer of men's clothing, earned a net profit of $77,000 for 2017. The balance sheet for Guinther & Sons includes the following items: Cash ! Inventory Land Taxes payable Retained earnings $29,000 79,000 90,000 29,000 97,000 Accounts receivable Prepaid insurance Accounts payable Capital stock Long-term notes payable $39,000 3,000 21,000 50,000 43,000 Capital stock Read the information for Guinther & Sons, Inc. The average current ratio for stores such as Guinther & Sons is 2.4 to 1. What does this comparison tell you about its liquidity? a. It is more liquid than its competitors. b. Since a rule of thumb for current ratios is 2 to 1, neither Guinther & Sons, Inc. nor its competitors is liquid c. Guinther & Sons, Inc. is more profitable than its competitors. d. It has more long-term assets than its competitors

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