Don't want incorrect solution A firm's balance sheet has the following data:Cash on handMarket securitiesNet accounts and notes receivableRetailers' inventoriesPrepaid expenses$530,000$33,000$142,000$620,000$59,500Accounts and notes payable (short term) $815,000Accumulated liabilities$138,000The firm's current ratio and acid-test ratio are closest to what values?a. 1.45; 0.74.b. 1.52; 0.79.c. 1.49; 0.73.d. 1.47; 0.69.

Explanation of Current Ratio: Current ratio is a liquidity measure that shows a company's ability to…

Answered: A firm's balance sheet has the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1SEB

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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 = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. What is the quick ratio (round your answer to 2 decimal places
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We are given the following information for the Pettit Corporation. Sales (credit) Cash Inventory Current liabilities Asset turnover Current ratio Debt-to-assets ratio Receivables turnover $ 2,880,000 188,000 890,000 811,000 1.35 times 2.30 times a. Accounts receivable b. Marketable securities c. Fixed assets d. Long-term debt 40 % 5 times Current assets are composed of cash, marketable securities, accounts receivable, and inventory. Lienser Fraktala TAMARA TANT RISHI TRITATE FAST JET PARETSTRANS I nemal osted or annemangen MANENBER HAGPAINT MANSION LARPURCO Calculate the following balance sheet items. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)
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