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Bens Asphalt Gives you the following balance sheet info as of Dec. 31st, 2022

current assets


current liabilities 13200

long term assets 29150

long term liabilities 15400

total assets 41800

stockholders equity 13200

total liabilities and stockholder equity 41800

They also reported net income for 2022 of $17,600, income tax expense of $3,520 and also a interest expense of $1,430.

I was able to calculate the Current Ratio and Working Capital for 2022, however I believe I used the wrong formula. What would be the correct way of doing this?

For 2022 the Current Ratio I got was .96:1

Working Capital -$550

I dont think these are correct?

Also the question asks to compute new ratios if at the end of 2022 Bens Asphalt Used 3300 cash to pay off 3300 of accounts payable...this is where I get confused on the first section too. Was I supposed to use the little blurb at the end that is underlined to get the first ratios?

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