3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position:
December 31, December 31,
Year 2
Year 3
Current assets
$ 56,000
$ 51,000
Non-current assets
42,000
77,000
Total assets
98,000
128,000
Short-term notes payable
27,000
44,000
Long-term notes payable
21,000
24,000
Total liabilities
48,000
68,000
Shareholders' equity
50,000
60,000
3-a. Compute the company's current ratio for Years 1, 2, and 3. (Round the final answers to 2 decimal places.)
Current ratio
Year 1 Year 2
Year 3