Accounts receivable from sales to customers amounted to $40,…

Accounts receivable from sales to customers amounted to $40,000 and $32,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $110,000. Exclusive of the effect of other adjustments, the net cash flows from operating activities to be reported on the statement of cash flows using the indirect method is

Brock Company’s financial information is listed below. Assum…

Brock Company’s financial information is listed below. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets Cash and short-term investments $37,046 Accounts receivable (net) 28,014 Inventory 33,142 Property, plant, and equipment 261,564 Total assets $359,766     Liabilities and Stockholders’ Equity Current liabilities $61,804 Long-term liabilities 97,286 Common stock, $10 par 63,340 Retained earnings 137,336 Total liabilities and stockholders’ equity $359,766     Income Statement Sales $96,072 Cost of goods sold 43,232 Gross margin $52,840 Operating expenses 29,134 Net income $23,706     Number of shares of common stock 6,334 Market price of common stock $27 What is the current ratio? Round your answer to two decimal places.