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You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000.   Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.)           Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.)           Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)

You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000.   Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.)           Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.)           Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)

FINANCIAL ACCOUNTING
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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You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000.

 

Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.)

 

 

 

 

 

Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.)

 

 

 

 

 

Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)

 

 

 

 

 
 
 
 
 
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