The following items are reported on a company's balance sheet: Cash $287,100 Marketable securities 102,900 Accounts...
The following items are reported on a company's balance sheet:
| Cash | $287,100 |
| Marketable securities | 102,900 |
| Accounts receivable | 274,600 |
| Inventory | 205,900 |
| Accounts payable | 278,200 |
Round your answers to two decimal places.
a. Determine the current ratio.
b. Determine the quick ratio.
Homework Answers
| a. Current Ratio | |||||
| Current Assets | / | Current Liabilities | = | Current Ratio | |
| 870,500.00 | / | 278,200.00 | = | 3.13 | :1 |
| b. Acid Test Ratio | |||||
| (Current Assets -Inventories) | / | Current Liabilities | = | Acid Test Ratio | |
| (870,500 - 205,900) | / | 278,200.00 | = | 2.39 | :1 |
Explanation:
| Current assets | |
| Cash | 287,100.00 |
| Marketable securities | 102,900.00 |
| Accounts receivable | 274,600.00 |
| Inventory | 205,900.00 |
| Total | 870,500.00 |
| Current Liabilities | |
| Accounts payable | 278,200.00 |
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