Chantelle Company has current assets equal to $1,000,000. Of these, $500,000 is cash, $200,000 is accounts receivable,
Question:
Chantelle Company has current assets equal to $1,000,000. Of these, $500,000 is cash, $200,000 is accounts receivable, $175,000 is inventory, and the remainder is marketable securities. Current liabilities total $800,000.
Required:
1. Calculate the current ratio.
2. Calculate the quick ratio (acid-test ratio).
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Step by Step Answer:
1 2 You first need to calculate marketable securities by subtracting ...View the full answer
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