You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you found the following balances: cash and marketable securities = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. Calculate PattyCake's cash ratio. (Round your answer to 2 decimal places.)
You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you found the following balances: cash and marketable securities = $280,000; accounts receivable = $1,380,000; inventory = $2,280,000; accrued wages and taxes = $590,000; accounts payable = $890,000; and notes payable = $780,000. Calculate PattyCake's cash ratio. (Round your answer to 2 decimal places.)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 3AP
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You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you found the following balances:
cash and marketable securities = $280,000;
Calculate PattyCake's cash ratio. (Round your answer to 2 decimal places.)
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