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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 = $470,000; accounts
You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $470,000; accounts receivable = $1,060,000; inventory = $1,960,000; accrued wages and taxes = $430,000; accounts payable = $730,000; and notes payable = $460,000. Calculate SophieLex's current ratio. (Round your answer to 2 decimal places.) Answer is complete and correct. Current ratio 2.15 times Calculate SophieLex's quick ratio. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Quick ratio 1.50 times Calculate SophieLex's cash ratio. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Cash ratio 2.15 times
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