Joanna Inc. began operations in 2024, and the following info…

Joanna Inc. began operations in 2024, and the following information relates to the first year of the company’s operations: Sales on credit were $200,000 of which $170,000 was collected in cash by year-end. $140,000 of operating expenses were incurred during the year, $120,000 of which had been paid by year end. Income taxes of $10,000 were incurred and paid during the year. Dividends of $5,000 were declared and paid during the year. The amount of net income Joanna Inc. would report for 2024, would be:

Use the following information for Questions 24-25. Consider…

Use the following information for Questions 24-25. Consider the following financial information for Red & White as of December 31, 2024. (Assume normal account balances, where applicable).  Deferred Revenue $7,500 Salaries Payable $4,500 Equipment 15,260 Bonds Payable (due in 2 years) 3,255 Common Stock 13,300 Accounts Receivable 5,100 Cost of Goods Sold 14,850 Prepaid Advertising 7,500 Accounts Payable $6,750 Sales Revenue 49,250 Cash 9,500 Buildings 17,200 Notes Payable (due in 6 months) 1,500 Operating Expenses 6,100 Retained Earnings- 12/31 17,755 What was Red and White’s Current Ratio as of December 31, 2024?  Round your answer to two decimal places!