ASSETSCashAccounts ReceivableInventoryPlant and equipmentAccumulated DepreciationTOTAL ASSETSLIABILITIESAccounts PayableAccrued ExpensesLong Term Notes PayableTOTAL LIABILITIESEQUITIESCommon Stock, No ParRetained EarningsTOTAL EQUITIESTOTAL LIABILITIES & EQUITIESCOMPUTE THE1. Current Ratio for 2020 & 20212. Quick Ratio for 2020 & 2021202145,000.00212,500.00155,000.001,885,000.00(480,000.00)1,817,500.0055,000.00112,500.00250,000.00417,500.001,000,000.00400,000.001,400,000.001,817,500.00202050,000.00207,500.00140,000.001,662,500.00(375,000.00)1,685,000.0047,500.00110,000.00237,500.00395,000.001,000,000.00290,000.001,290,000.001,685,000.00

Liquidity ratios is one of the important type of ratio used by the business. Current ratio and Quick…

Answered: ASSETS Cash Accounts Receivable…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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