You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)
You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.) Calculate SophieLex’s cash ratio. (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 18BEA
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You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $370,000; accounts receivable = $1,260,000; inventory = $2,160,000; accrued wages and taxes = $530,000; accounts payable = $830,000; and notes payable = $660,000.
Calculate SophieLex’s
Calculate SophieLex’s quick ratio. (Round your answer to 2 decimal places.)
Calculate SophieLex’s cash ratio. (Round your answer to 2 decimal places.)
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