Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Company, Inc. had on its balance sheet, Cash $75,000, Accounts receivable $85,000, prepaid expenses $12,000, Inventory $65,000, Loans to Shareholders $10,000 and Marketable Securities
XYZ Company, Inc. had on its balance sheet, Cash $75,000, Accounts receivable $85,000, prepaid expenses $12,000, Inventory $65,000, Loans to Shareholders $10,000 and Marketable Securities of $ 15,000. On the liability side, XYZ had loans from shareholders $40,000, Accounts Payable $50,000, Accrued Expenses $6,000, Notes payable due in 1 year or more $80,000 and current portion of notes payable of $18,000. Calculate XYZ's current and quick ration from the information provided.
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