Laurel Electronics has a quick ratio of 1.41, current liabilities of $4,462,163, and inventories of $7,863,700....
Laurel Electronics has a quick ratio of 1.41, current liabilities of $4,462,163, and inventories of $7,863,700. What is the firm’s current ratio? (Round answer to 2 decimal places, e.g. 12.25.)
Homework Answers
Quick ratio = Quick assets/Current liabilities
1.41 = Quick assets/$4,462,163
Quick assets = $6,291,650
Quick assets = Current assets-Inventories
$6,291,650 = Current assets-$7,863,700
Current assets = $14,155,350
Current ratio = Current assets/Current liabilities
= $14,155,350/$4,462,163
= 3.17
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