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The following amounts were reported in a company's most recent year-end financial statements: Cash $129,062 Accounts receivable 153,776 Short-term investments 21,968 Inventory 389,932 Prepaid insurance
The following amounts were reported in a company's most recent year-end financial statements:
Cash | $129,062 | |
Accounts receivable | 153,776 | |
Short-term investments | 21,968 | |
Inventory | 389,932 | |
Prepaid insurance | 43,936 | |
Accounts payable | 84,000 | |
Wages payable | 37,000 | |
Income tax payable | 41,000 | |
Sales tax payable | 16,000 | |
Short-term notes payable | 85,000 | |
Bank loan payable | 58,000 | |
Sales revenue | 961,100 |
Additional information: The bank loan payable is repayable in annual principal payments of $11,600
1-Calculate the current ratio. (Round answer to 2 decimal places, e.g. 15.25.)
2-Calculate the quick ratio. (Round answer to 2 decimal places, e.g. 15.25.) 3-Calculate the accounts receivable turnover ratio (just use the current year's Accounts Receivable balance). (Round answer to 2 decimal places, e.g. 15.25.)
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