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You are evaluating the balance sheet for SophieLex s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $

You are evaluating the balance sheet for SophieLexs Corporation. From the balance sheet you find the following balances: cash and marketable securities = $400,000; accounts receivable = $1,200,000; inventory = $2,100,000; accrued wages and taxes = $500,000; accounts payable = $800,000; and notes payable = $600,000. Calculate SophieLex's current ratio, quick ratio, and cash ratio.
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Cash and marketable securities $400,000
Accounts receivable $1,200,000
Inventory $2,100,000
Accrued wages and taxes $500,000
Accounts payable $800,000
Notes payable (short-term) $600,000

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