Use the Buffalo Bell Corporation financial statements that follow to answer. Buffalo Bell Corporation Consolidated Statements of Financial Position (In millions)
Assets: Current Assets Cash and cash equivalents Accounts and notes receivable Short-term investments Inventories, at costPrepaid expense and other current assets Total current assets Property and equipment, netInvestmentsOther non-current assets Total assets Liabilities and stockholders’ equity:Current liabilities Accounts payableAccrued and other liabilities Total current liabilities Long-term debt Other non-current liabilities Total liabilities Stockholders’ equityPreferred stock and capital in excess of $0.02 par value; shares issued and outstanding: none Common stock and capital in excess of $0.05 par value; shares authorized: 6,000; shares issued: 2,163 and 1,903, respectively Treasury stock, at cost: 183 and 123 shares, respectively Retained earnings Other comprehensive lossOtherTotal stockholders’ equity Total liabilities and stockholders’ equityDecember 31, 2012$ 4,333 3,400 8454331,638 10,649 1,555 6,804 303$19,311$ 7,708 3,676 11,384 3041,701 13,389-7,803 (6,444) 4,676 (79) (34) 5,922 $19,311December 31, 2011$ 4,226 2,403 5204111,226 8,786 9075,199 155$15,047$ 6,009 3,033 9,042 3051,179 10,526-7,001 (4,401) 1,990 (25) (44) 4,521 $15,047
Buffalo Bell Corporation Consolidated Statements of Income (In millions, except per share amounts)
Net Revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net incomeEarnings per common share: BasicYear ended December 31, 2012$42,666 35,147 7,5193,341 544-3,885 3,634 1533,787 1,136 $ 2,651$ 1.412011$35,220 29,255 5,9653,250 553-3,803 2,162 1962,358 940$ 1,418$ 0.952010$31,111 25,492 5,6192,985 5365124,033 1,586 (30) 1,556 472$ 1,084 $ 0.37
Buffalo Bell’s current ratio at year end 2012 is closest to a. $1,420. b. 0.9. c. 22.1. d. 1.2.