The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, (c) Quick/acid test ratio. Present figures used in your computations. Round ratios to the nearest 10th.

71. The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick/acid-test ratio. Present figures used in your computations. Round ratios to the nearest tenth. Accounts payable Accounts receivable Accrued liabilities Cash Income tax payable Inventory Marketable securities Notes payable, short-term Prepaid expenses $145,000 110,000 4,000 80,000 10,000 140,000 250,000 85,000 15,000 ANSWERS: (a)