You are evaluating the balance sheet for SophieLex'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 SophieLex's current ratio, quick ratio, and cash ratio. Note: Round your answers to 2 decimal places. Current ratio Quick ratio Cash ratio times times times
You are evaluating the balance sheet for SophieLex'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 SophieLex's current ratio, quick ratio, and cash ratio. Note: Round your answers to 2 decimal places. Current ratio Quick ratio Cash ratio times times times
Chapter3: Analysis Of Financial Statements
Section: Chapter Questions
Problem 8P
Related questions
Question

Transcribed Image Text:You are evaluating the balance sheet for SophieLex'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 SophieLex's current ratio, quick ratio, and cash ratio.
Note: Round your answers to 2 decimal places.
Current ratio
Quick ratio
Cash ratio
times
times
times
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