The December 31, 2018 balance sheet for Sprag, Inc. is presented below. Sprag, Inc. Balance...
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Accounting
The December 31, 2018 balance sheet for Sprag, Inc. is presented below.
Sprag, Inc.
Balance Sheet
December 31, 2018
Current assets $40,000
Net fixed assets 20,000
Total $60,000
Accounts payable 11,000
Notes payable 12,000
Total $23,000
Long-term debt (10%) 12,000
Common equity 25,000
Total $60,000
Calculate Sprag's current ratio.
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