You are evaluating the balance sheet for Patty Cake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $570,000; accounts receivable = $1,060,000; inventory = $1,960,000; accrued wages and taxes = $430,000; accounts payable = $730,000, and notes payable = $460,00. Calculate Patty Cake's current ration. (Round your answer to 2 decimal places.)

You are evaluating the balance sheet for Patty Cake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $570,000; accounts receivable = $1,060,000; inventory = $1,960,000; accrued wages and taxes = $430,000; accounts payable = $730,000, and notes payable = $460,00. Calculate Patty Cake's current ration. (Round your answer to 2 decimal places.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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