The classified balance sheet for a company reported current
assets of $1,624,125, total liabilities of $810,540, common stock
of $1,110,000, and retained earnings of $141,260. The current ratio
was 2.5. Which of the following statements is not correct?
1. Total Assets are $2,061,800.
2. Total Stockholders’ equity is $1,251,260.
3. Noncurrent liabilities are $141,260.
4The amount of current assets is 2.5 times the amount of current liabilities.
1. Total Assets are $2,061,800.
2. Total Stockholders’ equity is $1,251,260.
3. Noncurrent liabilities are $141,260.
4The amount of current assets is 2.5 times the amount of current liabilities.
