Question
eBook Question Content Area Effect of Transactions on Current Position Analysis Data pertaining to the current position of Lucroy Industries Inc. are as follows: Cash
eBook
Question Content Area
Effect of Transactions on Current Position Analysis
Data pertaining to the current position of Lucroy Industries Inc. are as follows:
| Cash | $415,000 |
| Marketable securities | 170,000 |
| Accounts and notes receivable (net) | 300,000 |
| Inventories | 700,000 |
| Prepaid expenses | 44,000 |
| Accounts payable | 220,000 |
| Notes payable (short-term) | 255,000 |
| Accrued expenses | 280,000 |
Required:
1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios to one decimal place.
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
16th edition
1259307417, 978-1260153132, 1260153134, 978-1259307416
