Problem

Garrett Company had current assets and current liabilities as follows: Current asse...

Garrett Company had current assets and current liabilities as follows:

Current assets:

 

Cash

$50.000

Accounts receivable

75,000

Inventory

125,000

Current liabilities:

 

Accrued expenses

$ 25,000

Accounts payable

110,000

Current portion of long-term debt

45,000

Calculate the current and quick ratios using the information provided.

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