Question: eBook Question Content Area Effect of Transactions on Current Position Analysis Data pertaining to the current position of Lucroy Industries Inc. are as follows: Cash

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Effect of Transactions on Current Position Analysis

Data pertaining to the current position of Lucroy Industries Inc. are as follows:

Cash $415,000
Marketable securities 170,000
Accounts and notes receivable (net) 300,000
Inventories 700,000
Prepaid expenses 44,000
Accounts payable 220,000
Notes payable (short-term) 255,000
Accrued expenses 280,000

Required:

1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round ratios to one decimal place.

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