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Based on the financial statements below, what is the current ratio and quick ratio?

Based on the financial statements below, what is the current ratio and quick ratio?

FINANCIAL ACCOUNTING
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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Based on the financial statements below, what is the current ratio and quick ratio?

RICE CORPORATION Balance Sheet At December 31, 2011 ($ in 000s) . Assets $ 275 78 487 Cash Marketable securities Accounts receivable Inventories Allowance for uncollectible accounts Property and equipment, net. Total assets 425 (50) 160 $1,375 Liabilities and Shareholders' Equity Accounts payable and accrued fiabilities Notes payable Common stock Retained earnings $ 420 200 260 495 Total liabilities and shareholders' equity $1,375 RICE CORPORATION Income Statement For the Year Ended December 31, 2011 ($ in 000s) $1,580 Net sales Expenses: Cost of goods sold Selling and administrative Miscellaneous $755 385 129 100 Income taxes Total expenses 1,369 Net income $ 211
Transcribed Image Text:RICE CORPORATION Balance Sheet At December 31, 2011 ($ in 000s) . Assets $ 275 78 487 Cash Marketable securities Accounts receivable Inventories Allowance for uncollectible accounts Property and equipment, net. Total assets 425 (50) 160 $1,375 Liabilities and Shareholders' Equity Accounts payable and accrued fiabilities Notes payable Common stock Retained earnings $ 420 200 260 495 Total liabilities and shareholders' equity $1,375 RICE CORPORATION Income Statement For the Year Ended December 31, 2011 ($ in 000s) $1,580 Net sales Expenses: Cost of goods sold Selling and administrative Miscellaneous $755 385 129 100 Income taxes Total expenses 1,369 Net income $ 211
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