aynard Boats Inc., presented the following information for the year ending Year 6. Baynard Boats, Inc. Balance Sheet December 31, Year 6 Cash $55,000 Accounts Payable $175,000 Marketable Securities 105,000 Mortgage Payable 140,000 Account Receivable 175,000 Notes Payable 165,000 Inventory 250,000 Common Stock 160,000 Plant Assets, net 220,000 Retained Earnings 165,000 $805,000 $805,000 1. Compute the quick ratio/acid test ratio. Round your answer to two decimal places. fill in the blank 1 2. Compute the current ratio. Round your answer to two decimal places. fill in the blank 2
aynard Boats Inc., presented the following information for the year ending Year 6. Baynard Boats, Inc. Balance Sheet December 31, Year 6 Cash $55,000 Accounts Payable $175,000 Marketable Securities 105,000 Mortgage Payable 140,000 Account Receivable 175,000 Notes Payable 165,000 Inventory 250,000 Common Stock 160,000 Plant Assets, net 220,000 Retained Earnings 165,000 $805,000 $805,000 1. Compute the quick ratio/acid test ratio. Round your answer to two decimal places. fill in the blank 1 2. Compute the current ratio. Round your answer to two decimal places. fill in the blank 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
aynard Boats Inc., presented the following information for the year ending Year 6.
Baynard Boats, Inc.
Balance Sheet
December 31, Year 6
Cash $55,000 Accounts Payable $175,000
Marketable Securities 105,000 Mortgage Payable 140,000
Account Receivable 175,000 Notes Payable 165,000
Inventory 250,000 Common Stock 160,000
Plant Assets, net 220,000 Retained Earnings 165,000
$805,000 $805,000
1. Compute the quick ratio/acid test ratio. Round your answer to two decimal places.
fill in the blank 1
2. Compute the current ratio. Round your answer to two decimal places.
fill in the blank 2
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