80.2K
Verified Solution
Link Copied!
Current Ratio and Quick (Acid-Test) Ratio
Jordan Company provided the following information:
| Current assets: | |
| | Cash | $14,317,500 |
| | Accounts receivable | 9,177,000 |
| | Inventories | 9,372,500 |
| Total current assets | $32,867,000 |
| Current liabilities | $17,930,000 |
Required:
Note: Round answers to one decimal place.
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.
Answer & Explanation
Solved by verified expert
