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Current Ratio and Quick (Acid-Test) Ratio Jordan Company provided the following information: Current assets: Cash $14,940,000 Accounts receivable 9,177,000 Inventories 7,335,000 Total current assets $31,452,000
Current Ratio and Quick (Acid-Test) Ratio
Jordan Company provided the following information:
| Current assets: | ||
| Cash | $14,940,000 | |
| Accounts receivable | 9,177,000 | |
| Inventories | 7,335,000 | |
| Total current assets | $31,452,000 | |
| Current liabilities | $17,115,000 | |
Required:
Note: Round answers to one decimal place.
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.
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