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Calculate the current ratio and quick ratio

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Reference no: EM132836672

Question - The following amounts were reported by Liquid Company in its most recent statement of financial position:

Cash $53,600

Accounts receivable (net) 130,000

Short-term investments 18,000

Inventory 390,000

Prepaid insurance 36,240

Property, plant, and equipment (net) 960,000

Accounts payable 96,000

Wages payable 37,000

Income tax payable 55,000

Sales tax payable 10,000

Notes payable (due within one year) 90,000

Bank loan payable (due in three years) 50,000

Required - Calculate the current ratio and quick ratio for Liquid Company.

Reference no: EM132836672

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