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Calculate the current ratio and the quick ratio

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Reference no: EM132790702

The following information is obtained from the financial records of Weekend Corporation for the year ended December 31, 2019:

Accounts Payable                                              180,000
Accounts Receivable                                          320,000
Allowance for Bad Debt                                        20,000
Cash                                                               205,000
Common Stock ($5 Par Value)                             600,000
Common Stock-Additional Paid-in Capital                  150,000
Current Portion of Long-Term Debt                              30,000
Interest Payable                                                 22,000
Marketable Securities                                        135,000
Merchandise Inventory                                       210,000
Mortgage Payable                                             125,000
Notes Payable                                                 30,000
Notes Receivable                                             27,000
Notes Receivable (Due in 2023)                           43,000
Prepaid Insurance                                            2,000
Prepaid Rent 4,000 Plant Assets                        800,000
Accumulated Depreciation-Plant Assets             240,000
Salaries Payable                                          13,000
Supplies                                                         8,000
Taxes Payable                                           12,000
Unearned Revenue                                      8,000

2019 Net Income was 480,000.

REQUIRED:

Problem 1: Calculate (1) The Current Ratio (2) The Quick Ratio and (#) Earnings Per Share

Reference no: EM132790702

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