Given the following information, compute the current and quick ratios: Cash $ 120,000 Accounts receivable 379,000...
Given the following information, compute the current and quick ratios:
| Cash | $ | 120,000 |
| Accounts receivable | 379,000 | |
| Inventory | 493,000 | |
| Current liabilities | 450,000 | |
| Long-term debt | 631,000 | |
| Equity | 626,000 |
Round your answers to two decimal places.
Current ratio: :1
Quick ratio: :1
Homework Answers
| Current Assets = Cash & Cash Equivalents+ Inventory+ Accounts Receivables |
| Current Assets = +120000+493000+379000 |
| Current Assets= 992000 |
| Current ratio = current assets/current liablities |
| Current ratio = 992000/450000 |
| Current ratio = 2.2 |
| Quick or acid test ratio = (current assets-inventory)/current liablities |
| Quick or acid test ratio = (992000-493000)/450000 |
| Quick or acid test ratio = 1.11 |
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