2. Lilac Company reported the following current assets and current liabilities for the year ended December 31: • Cash, $50,000 • Accounts receivable, $40,000 • Inventory, $25,000 • Total assets, $150,000 • Current liabilities, $49,000 • Total liabilities, $99,000 Lilac's quick ratio (rounded to two decimal places) for the year ended December 31 is а. 1.52 b. 2.35 c. 1.84 d. None of these choices are correct.

2. Lilac Company reported the following current assets and current liabilities for the year ended December 31: • Cash, $50,000 • Accounts receivable, $40,000 • Inventory, $25,000 • Total assets, $150,000 • Current liabilities, $49,000 • Total liabilities, $99,000 Lilac's quick ratio (rounded to two decimal places) for the year ended December 31 is а. 1.52 b. 2.35 c. 1.84 d. None of these choices are correct.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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