The balance sheet of a luggage manufacturer reports the following: Cash $631,000 Accounts receivable 439,000 Inventory 300,000 Marketable securities 200,000 Current liabilities 500,000 676,000 Long-term liabilities Based on the information provided, the luggage manufacturer's quick ratio is: a. 1.55 b. 2.34 c. 2.54 d. 2.14
The balance sheet of a luggage manufacturer reports the following: Cash $631,000 Accounts receivable 439,000 Inventory 300,000 Marketable securities 200,000 Current liabilities 500,000 676,000 Long-term liabilities Based on the information provided, the luggage manufacturer's quick ratio is: a. 1.55 b. 2.34 c. 2.54 d. 2.14
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...
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![The balance sheet of a luggage manufacturer reports the
following:
Cash
$631,000
Accounts receivable 439,000
Inventory
300,000
Marketable securities 200,000
Current liabilities
500,000
676,000
Long-term liabilities
Based on the information provided, the luggage
manufacturer's quick ratio is:
a. 1.55
b. 2.34
c. 2.54
d. 2.14](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3e1559b-d56f-49f8-a555-19e88d550c48%2F75f8a4af-44b8-4745-92b0-c9ebbc0e8ae8%2Fpfhh7w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The balance sheet of a luggage manufacturer reports the
following:
Cash
$631,000
Accounts receivable 439,000
Inventory
300,000
Marketable securities 200,000
Current liabilities
500,000
676,000
Long-term liabilities
Based on the information provided, the luggage
manufacturer's quick ratio is:
a. 1.55
b. 2.34
c. 2.54
d. 2.14
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