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ou are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find 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 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.)

ou are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find 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 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.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 = $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 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.)

 

 
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