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Category > Accounting Posted 29 Jul 2017 My Price 5.00

Chen Company

Cornerstone Exercise 16-13 Calculating the Current Ratio and the Quick (or Acid-Test) Ratio

Chen Company has current assets equal to $5,000,000. Of these, $1,000,000 is cash, $2,250,000 is accounts receivable, $500,000 is inventory, and the remainder is marketable securities. Current liabilities total $4,000,000.

Required:

Note: Round answers to two decimal places.

1. Calculate the current ratio.

2. Calculate the quick ratio (acid-test ratio).

Accounts receivable	$142,650,000	$172,350,000
Inventories	54,374,200	62,625,800

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Maurice Tutor

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Status NEW Posted 29 Jul 2017 11:07 PM My Price 5.00

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