134 what is the primary objective of financial reporting 135 how is the current rati 4314232

134.What is the primary objective of financial reporting?  
 

135.How is the current ratio calculated and what does it measure? 
 

136.The Lake Company has provided the following account balances:

Cash $76,000;
Short-term investments $8,000;
Accounts receivable $96,000;
Supplies $12,000;
Long-term notes receivable $4,000;
Equipment $192,000;
Factory Building $360,000;
Intangible assets $12,000;
Accounts payable $90,000;
Accrued liabilities payable $12,000;
Short-term notes payable $42,000;
Long-term notes payable $184,000.

Requirement:

What is Lake's current ratio?  
 

137.The Superior Company has provided the following account balances:

Cash $152,000;
Short-term investments $18,000;
Accounts receivable $36,000;
Inventory $116,000;
Long-term notes receivable $44,000;
Equipment $174,000;
Factory Building $270,000;
Intangible assets $33,000;
Accounts payable $130,000;
Accrued liabilities payable $19,000;
Short-term notes payable $84,000;
Long-term notes payable $169,000.

Requirement:

What is Superior's stockholders' equity?