Utilize the following financial information for questions 24…
Utilize the following financial information for questions 24 – 27. Mahoney’s Irish Restaurant Financial Information Cost of Food Sold $360,500 Net Income $104,050 Current Assets $107,750 Total Assets $456,000 Current Liabilities $111,750 Total Equity $143,750 Food Sales $1,030,000 Total Long-term Liabilities $200,500 Ratio Formulas: Current Ratio: current assets/current liabilities Debt to Equity Ratio: total LT liabilities/total equity Food Cost Percentage: food cost of sales/food revenues Return on Assets: net income/total assets Cost-Volume-Profit: fixed costs/(sales price – variable costs) #24 Calculate Mahoney’s current ratio.