Kate Company has current assets equal to $120,500,000. Of these, $42,000,000 is cash, $28,000,000 is accounts receivable,
Question:
Kate Company has current assets equal to $120,500,000. Of these, $42,000,000 is cash, $28,000,000 is accounts receivable, $15,500,000 is marketable securities, and the remainder is inventories. Current liabilities total $42,250,000.
Required:
1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.
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Related Book For 
Managerial Accounting The Cornerstone Of Business Decision Making
ISBN: 9780357715345
8th Edition
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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