Question
Current position analysis The following items are reported on a companys balance sheet: Line Item Description Amount Cash $296,600 Marketable securities 185,000 Accounts receivable (net)
Current position analysis
The following items are reported on a companys balance sheet:
| Line Item Description | Amount |
|---|---|
| Cash | $296,600 |
| Marketable securities | 185,000 |
| Accounts receivable (net) | 121,000 |
| Inventory | 127,000 |
| Accounts payable | 228,000 |
Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place.
| Line Item Description | Ratio |
|---|---|
| a. Current ratio | fill in the blank 1 |
| b. Quick ratio | fill in the blank 2 |
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Auditing Theory And Practice
Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson
9th Edition
0873939336, 9780873939331
