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 decimals. ) $$\begin{array} { l l } \text { Cash } & \$ 6,000 \\\text { Accounts Receivable } & 1,300 \\\text { Prepaid Rent } & 1,100 \\\text { Land } & 20,000 \\\text { Equipment } & 6,000 \\\text { Accumulated Depreciation } & 1,000 \\\text { Accounts Payable } & 5,000 \\\text { Salaries Payable } & 1,000 \\\text { Notes Payable-long term } & 8, 000\end{array}$$

A) 1.40
B) 1.68
C) 1.44
D) 1.22