The following items are reported on a company's balance sheet: Line Item Description Amount Cash $277,000 Marketable securities 101,400 Accounts receivable 234,300 Inventory 217,800 Accounts payable 315,500 Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.

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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The following items are reported on a company's balance sheet:

Line Item Description Amount
Cash $277,000
Marketable securities 101,400
Accounts receivable 234,300
Inventory 217,800
Accounts payable 315,500

Determine the (a) current ratio and (b) quick ratio. Round answers to one decimal place.

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