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.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 8P

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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 = $450,000; accounts receivable = $1,100,000; inventory = $2,000,000; accrued wages and taxes = $450,000; accounts payable = $750,000; and notes payable = $500,000. Calculate SophieLex's current ratio.
You are evaluating the balance sheet for SophieLex’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $480,000; accounts receivable = $1,040,000; inventory = $1,940,000; accrued wages and taxes = $420,000; accounts payable = $720,000; and notes payable = $440,000. Calculate SophieLex’s current ratio. (Round your answer to 2 decimal places.)
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