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Norton Company Has the Following Assets on January 1, 2010

Question 84

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Norton Company has the following assets on January 1, 2010 and January 1, 2009.
Norton Company has the following assets on January 1, 2010 and January 1, 2009. If Norton's current ratio is 2.20 for 2009 and its current liabilities are $550,000, what is the amount of its inventory? a. $197,000 b. $381,000 c. $238,636 d. There is not enough information to answer this question. If Norton's current ratio is 2.20 for 2009 and its current liabilities are $550,000, what is the amount of its inventory?
a. $197,000
b. $381,000
c. $238,636
d. There is not enough information to answer this question.

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$550,000 x 2.20 = $1...

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