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You are evaluating the balance sheet for PattyCake's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $340,000; accounts receivable = $1,300,000; inventory = $2,200,000; accrued wages and taxes = $550,000; accounts payable = $850,000; and notes payable = $700,000.
Question 1) Calculate PattyCakes' current ratio. (Round your answer to 2 decimal places.)
Question 2) Calculate PattyCakes' quick ratio. (Round your answer to 2 decimal places.)
Question 3) Calculate PattyCakes' cash ratio. (Round your answer to 2 decimal places.)
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