Question

jones corp. reported current assets of $193,000, current liabilities of $137,000, and total liabilities of $275, 714 on its most recent balance sheet. the current ratio is:

Answer 1

Acid-test (quick) ratio=1.4087

Calculation of current ratio?

Current Assets=$193,000

Current Liabilities=$137,000

Total liabilities=275714

Acid-test (quick) ratio=?

Quick Assets=193000

Quick Assets=$193000

Acid-test (quick) ratio=Quick Assets/Current Liabilities

Acid-test (quick) ratio=$193000/137000

Acid-test (quick) ratio=1.4087

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