Question
TB MC Qu. 03-05 A firm's long-term assets... A firm's long-term assets = $70,000, total assets = $320,000, inventory = $30,000 and current liabilities =
TB MC Qu. 03-05 A firm's long-term assets...
A firm's long-term assets = $70,000, total assets = $320,000, inventory = $30,000 and current liabilities = $20,000. What are the firm's current ratio and quick ratio?(Round your answer to 1 decimal place.)
Multiple Choice
- Current ratio = 12.5; quick ratio = 11.0
- Current ratio = 17.5; quick ratio = 16.0
- Current ratio = 15.0; quick ratio = 13.5
- Current ratio = 22.5; quick ratio = 21.0
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Financial Accounting with International Financial Reporting Standards
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
4th edition
1119504309, 1-119-50340-8, 9781119503408 , 978-1119504306
