Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.) Assets Current assets: Current liabilities: Cash and cash equivalents (Note 1)$4,144,190 Notes payable to banks$752,221 Investments (Note 1) 32,453,769 Accounts payable 7,084,075 Accounts receivable, less allowances of$740,000 and $736,000 16,126,648 Dividends payable 656,607 Inventories (Note 1): Accrued liabilities (Note 5) 9,906,534 Finished goods and work in progress 12,570,955 Income taxes payable 4,551,429 Raw materials and supplies 10,195,858 Prepaid expenses 1,957,710

Name: Calculate the current ratio and the quick ratio for the following part
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Description: Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.) Assets Current assets: Current liabilities: Cash and cash equivalents (Note 1)$4,144,19

Ratio analysis involves computing the ratios using the elements of financial statements in order to…

Answered: Calculate the current ratio and the…

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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Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round your answers to the nearest hundredth.)

Assets
Current assets:			Current liabilities:
Cash and cash equivalents (Note 1)	$	4,144,190	Notes payable to banks	$	752,221
Investments (Note 1)		32,453,769	Accounts payable		7,084,075
Accounts receivable, less allowances of $740,000 and $736,000		16,126,648	Dividends payable		656,607
Inventories (Note 1):			Accrued liabilities (Note 5)		9,906,534
Finished goods and work in progress		12,570,955	Income taxes payable		4,551,429
Raw materials and supplies		10,195,858
Prepaid expenses		1,957,710