You are evaluating the balance sheet for Patty Cake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $570,000; accounts receivable = $1,060,000; inventory = $1,960,000; accrued wages and taxes = $430,000; accounts payable = $730,000, and notes payable = $460,00. Calculate Patty Cake's current ration. (Round your answer to 2 decimal places.)

You are evaluating the balance sheet for Patty Cake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $570,000; accounts receivable = $1,060,000; inventory = $1,960,000; accrued wages and taxes = $430,000; accounts payable = $730,000, and notes payable = $460,00. Calculate Patty Cake's current ration. (Round your answer to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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