You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $490,000, accounts receivable = $1,020,000; inventory = $1,920,000, accrued wages and taxes $410,000 accounts payable - $710,000; and notes payable = $420,000. Calculate PattyCakes' current ratio. (Round your answer to 2 decimal places.) Cument ratio times Calculate PattyCakes' quick ratio. (Round your answer to 2 decimal places.) Quick ratio times Calculate PattyCakes' cash ratio. (Round your answer to 2 decimal places.) Cash ratio imes
You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $490,000, accounts receivable = $1,020,000; inventory = $1,920,000, accrued wages and taxes $410,000 accounts payable - $710,000; and notes payable = $420,000. Calculate PattyCakes' current ratio. (Round your answer to 2 decimal places.) Cument ratio times Calculate PattyCakes' quick ratio. (Round your answer to 2 decimal places.) Quick ratio times Calculate PattyCakes' cash ratio. (Round your answer to 2 decimal places.) Cash ratio imes
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
am. 134.
Transcribed Image Text:You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and
marketable securities = $490,000; accounts receivable = $1,020,000; inventory = $1,920,000, accrued wages and taxes = $410,000
accounts payable = $710,000; and notes payable = $420,000.
Calculate Patty Cakes' current ratio. (Round your answer to 2 decimal places.)
Cument ratio
times
Calculate PattyCakes' quick ratio. (Round your answer to 2 decimal places.)
Culick ratio
times
Calculate PattyCakes' cash ratio. (Round your answer to 2 decimal places.)
Cash ratio
times
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