The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Shee

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The Condensed Balance Sheet And Income Statement For Marjoram Company Are Presented Below Marjoram Company Balance Shee 1 (163.6 KiB) Viewed 52 times

The condensed balance sheet and income statement for Marjoram Company are presented below. MARJORAM COMPANY Balance Sheet At December 31, 2021 Cash Notes receivable (due August 15, 2022) Accounts receivable (net) Inventory Property, plant, and equipment (net) Intangible assets. Total assets Current liabilities Bonds payable (11%) (long-term) Common stock Retained earnings Total liabilities and equity MARJORAM COMPANY Income Statement For the Year ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before income tax Income tax expense Net income Current ratio $ 26,000 43,000 51,200 74,800 320,000 15,200 $530,200 $120,600 115,000 62,000 232,600 $530, 200 $914,000 492,400 $421,600 183,000 $238,600 12,650 $225,950 67,785 $158,165 Required: Compute the current ratio for Marjoram Company. (Round your answer to 2 decimal places.)