Accounts receivable $ 28,500 long-term notes payable $ 23,000 accounts payable 16,200 office supplies 4,000 buildings 51,000 prepaid insurance 4,040 cash 7,500 unearned services revenue 3,800 compute chavez company's current ratio using the above information.

Chavez Company's current ratio = 2.202

Explanation:

CLASSIFYING THE BALANCE SHEET ACCOUNTS OF CHAVEZ COMPANY'S

CURRENT ASSETS – 44,040

•Cash 7,500

•Accounts receivable 28,500

•Prepaid insurance 4,040

•Office supplies 4,000

LONG-TERM ASSETS – 51,000

•Buildings 51,000

CURRENT LIABILITIES – 20,000

•Accounts payable 16,200

•Unearned services revenue 3,800

LONG-TERM LIABILITIES – 23,000

•Long-term notes payable 23,000

Current Ratio = Current Asset (CA) / Current Liabilities (CL)

Current Ratio = 44,040 / 20,000

Current Ratio = 2.202

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