Question
1 You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $460,000;
1 You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $460,000; accounts receivable = $1,080,000; inventory = $1,980,000; accrued wages and taxes = $440,000; accounts payable = $740,000; and notes payable = $480,000.
Calculate PattyCakes' current ratio.(Round your answer to 2 decimal places.)
Current ratio times?
2 Calculate PattyCakes' quick ratio.(Round your answer to 2decimal places.)
Quick ratio?
3. Calculate PattyCakes' cash ratio.(Round your answer to 2 decimal places.)
cash ratio?
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Financial Accounting Plus
Authors: Robert Libby, Patricia Libby, Daniel Short
7th Edition
0077480015, 9780077480011
