Calculate the Current Ratio Using the Following Information: (Round Your

Multiple Choice

Calculate the current ratio using the following information: (Round your answer to two decimal places.) $$\begin{array} { l l } \text { Cash } & \$ 5,000 \\\text { Accounts Receivable } & 1,100 \\\text { Prepaid Rent } & 1,000 \\\text { Land } & 40,000 \\\text { Equipment } & 4,000 \\\text { Accumulated Depreciation } & 1,200 \\\text { Accounts Payable } & 3,000 \\\text { Salaries Payable } & 900 \\\text { Notes Payable-long term } & 9,000\end{array}$$

A) 1.82
B) 2.37
C) 3.09
D) 1.56