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You are evaluating the balance sheet for PattyCakes Corporation. From the balance sheet you find the following balances: cash and marketable securities = $360,000; accounts
You are evaluating the balance sheet for PattyCakes Corporation. From the balance sheet you find the following balances: cash and marketable securities = $360,000; accounts receivable = $1,280,000; inventory = $2,180,000; accrued wages and taxes = $540,000; accounts payable = $840,000; and notes payable = $680,000. Calculate PattyCakes current ratio. (Round your answer to 2 decimal places.) Calculate PattyCakes quick ratio. (Round your answer to 2 decimal places.) Calculate PattyCakes cash ratio. (Round your answer to 2 decimal places.)
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