Determine the (a) current ratio, and (b) quick ratio. Round your answers to one a. Current ratio b. Quick ratio

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 34CE
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The following items are reported on a company's balance sheet:
Cash
$283,200
Marketable securities
83,400
Accounts receivable
251,600
Inventory
185,700
Accounts payable
315,200
Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place.
a. Current ratio
b. Quick ratio
Transcribed Image Text:The following items are reported on a company's balance sheet: Cash $283,200 Marketable securities 83,400 Accounts receivable 251,600 Inventory 185,700 Accounts payable 315,200 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
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