Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round nearest tenth.) Assets Liabilities Current assets: Cash and cash equivalents (Note 1) Investments (Note 1) Accounts receivable, less allowances of $748,000 and $744,000 Inventories (Note 1): Finished goods and work in progress Raw materials and supplies Prepaid expenses $ 4,224,190 32,533,769 Current liabilities: Notes payable to banks Accounts payable $672,221 7,004,075 Dividends payable Accrued liabilities (Note 5) Income taxes payable 16,206,648 576,607 9,826,534 4,471,429 12,650,955 10,275,858 2,037,710

Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Round nearest tenth.) Assets Liabilities Current assets: Cash and cash equivalents (Note 1) Investments (Note 1) Accounts receivable, less allowances of $748,000 and $744,000 Inventories (Note 1): Finished goods and work in progress Raw materials and supplies Prepaid expenses $ 4,224,190 32,533,769 Current liabilities: Notes payable to banks Accounts payable $672,221 7,004,075 Dividends payable Accrued liabilities (Note 5) Income taxes payable 16,206,648 576,607 9,826,534 4,471,429 12,650,955 10,275,858 2,037,710

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Description: Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll. (Roundnearest tenth.)AssetsLiabilitiesCurrent assets:Cash and cash equivalents (Note 1)Investments (Note 1)Accounts receivable, less allo

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 13MCQ

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