The following amounts were reported by Ivanhoe Ltd. in its most recent statement of financial position:...

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The following amounts were reported by Ivanhoe Ltd. in its most recent statement of financial position: 2024 2023 Cash and cash equivalents $59,128 $81,884 Accounts receivable (net) 180,496 120,965 Inventory 413,896 277,289 Prepaid expenses 9,336 3,722 Property, plant, and equipment (net) 550,000 372,000 Accounts payable 243,000 136,500 Wages payable 47,000 32,000 Income tax payable 21,200 17,600 Long-term bank loan payable 322,000 256,000 Common shares 213,000 213,000 Retained earnings 366,656 200,760 The company had sales of $902,480 in 2024 and $725,790 in 2023. All sales were on account. (a1) Calculate the current ratio and quick ratio for Ivanhoe Ltd. for the current and preceding years. (Round ratios to 2 decimal places, eg. 15.25.) Current ratio Quick ratio eTextbook and Media Save for Later 2024 2023 Attempts: 0 of 3 used Submit Answer The following amounts were reported by Ivanhoe Ltd. in its most recent statement of financial position: 2024 2023 Cash and cash equivalents $59,128 $81,884 Accounts receivable (net) 180,496 120,965 Inventory 413,896 277,289 Prepaid expenses 9,336 3,722 Property, plant, and equipment (net) 550,000 372,000 Accounts payable 243,000 136,500 Wages payable 47,000 32,000 Income tax payable 21,200 17,600 Long-term bank loan payable 322,000 256,000 Common shares 213,000 213,000 Retained earnings 366,656 200,760 The company had sales of $902,480 in 2024 and $725,790 in 2023. All sales were on account. (a1) Calculate the current ratio and quick ratio for Ivanhoe Ltd. for the current and preceding years. (Round ratios to 2 decimal places, eg. 15.25.) Current ratio Quick ratio eTextbook and Media Save for Later 2024 2023 Attempts: 0 of 3 used Submit Answer

Answer rating: 100% (QA)

To calculate the current ratio and quick ratio for Ivanhoe Ltd for the current and preceding years w... View the full answer