You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $480,000; accounts receivable = $1,040,000; inventory = $1,940,000; accrued wages and taxes = $420,000; accounts payable = $720,000; and notes payable = $440,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.)
Ans Current Ratio = 2.19
Quick Ratio = 0.96
Current Assets = Cash & Marketable Securities + Accounts receivable + Inventory
= 480000 + 1040000 + 1940000
= 3460000
Current Liabilities = Accrued wages and taxes + Accounts payable + notes payable
= 420000 + 720000 + 440000
= 1580000
Current Ratio = Current Assets/ Current Liabilities
= 3460000 / 1580000
= 2.19 : 1
Quick Ratio = ( Current Assets - Inventory) / Current Liabilities
= (3460000 - 1940000) / 1580000
= 0.96 : 1
You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the...
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