The following items were taken from the balance sheet of Lan Company. Calculate the working capital the current ratio, and the quick ratio.

Show your work under "Calculations," and round off figures to two decimal places.

Cash $90,000

Market Securties $32,000

Accounts Receivable (net) $448,000

Merchandise Inventory $795,000

Supplies $14,000

Accounts Payable $498,000

Notes Payable $62,000

Bonds Payable $110,000

Common Stock $1,250,000

Equipment $360,000

Answers: CALCULATIONS

_____ 1.) Working Capital

_____ 2.) Current ratio

_____ 3.) Quick ratio