As the accountant for marston retail stores, you must calculate the current ratio for the firm's last accounting period. the firm's current assets were $120,000, its fixed assets were $240,000, its current liabilities were $80,000, and its long-term liabilities were $60,000.
given these facts, what is the firm's current ratio?

a) 4 b) 1.5 c) 3 d) 2 e) 1

C) 3

Explanation:

The current ratio is the firms Current assets relative to its current liabilities.

It can be calculates as follows,

Current Ratio = Current assets / Current liabilities

Current Ratio = 240,000 / 80,000

Current ratio = 3

This signifies a healthy ratio as the company has 3 times as much current assets as compared to its current liabilities.

Hope that helps.

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