In addition to the information from S12 6, assume that cash on the 2014 balance sheet was $20,000 and current liabilities totaled $24,000 Compute the following ratios for 2014 1 Current ratio 2 Quick ratio ...

In addition to the information from S12-6, assume that cash on the 2014 balance sheet was $20,000

Question:

In addition to the information from S12-6, assume that cash on the 2014 was $20,000 and current liabilities totaled $24,000. Compute the following ratios for 2014:
1. Current ratio
2. Quick ratio
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...