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Current Ratio and Quick (Acid-Test) Ratio Jordan Company provided the following information: Current assets: Cash $10,582,500 Accounts receivable 8,303,000 Inventories 8,557,500 Total current assets $27,443,000
Current Ratio and Quick (Acid-Test) Ratio
Jordan Company provided the following information:
| Current assets: | ||
| Cash | $10,582,500 | |
| Accounts receivable | 8,303,000 | |
| Inventories | 8,557,500 | |
| Total current assets | $27,443,000 | |
| Current liabilities | $15,485,000 | |
Required:
Note: Round answers to one decimal place.
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.
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Process Driven Comprehensive Auditing A New Way To Conduct ISO 9001 2008 Internal Audits
Authors: Paul C. Palmes
2nd Edition
0873897544, 978-0873897549
