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Selected condensed data taken from a recent balance sheet of Carla Vista Inc. are as follows. CARLA VISTA INC. Balance Sheet (partial) Cash $2,352,000 Short-term
Selected condensed data taken from a recent balance sheet of Carla Vista Inc. are as follows.
CARLA VISTA INC. Balance Sheet (partial) | ||
---|---|---|
Cash | $2,352,000 | |
Short-term investments | 4,962,000 | |
Accounts receivable | 6,430,000 | |
Inventory | 20,839,000 | |
Prepaid assets | 571,000 | |
Total current assets | $35,154,000 | |
Total current liabilities | $18,484,000 |
(a) Calculate the (1) current ratio and (2) acid-test ratio. (Round current ratio to 1 decimal place, e.g. 52.7 and acid-test ratio to 2 decimal places, e.g. 52.75.)
1. | Current ratio | enter Current ratio rounded to 1 decimal place | ||
---|---|---|---|---|
2. | Acid-test ratio | enter Acid-test ratio rounded to 2 decimal places |
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