Question
The following items are reported on a company's balance sheet: Cash $675,800 Marketable securities 528,000 Accounts receivable (net) 524,200 Inventory 384,000 Accounts payable 640,000 Determine
The following items are reported on a company's balance sheet:
| Cash | $675,800 |
| Marketable securities | 528,000 |
| Accounts receivable (net) | 524,200 |
| Inventory | 384,000 |
| Accounts payable | 640,000 |
Determine (a) the current ratio and (b) the quick ratio. Round your answers to one decimal place.
| Current ratio | fill in the blank 1 |
| Quick ratio | fill in the blank 2 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
