You are evaluating the balance sheet for PattyCake’s Corporation. From the balance sheet you find the following balances: cash and marketable securities = $310,000; accounts receivable = $1,340,000; inventory = $2,240,000; accrued wages and taxes = $570,000; accounts payable = $870,000; and notes payable = $740,000.
Calculate PattyCake’s current ratio. (Round your answer to 2 decimal places.) Current ratio times: Calculate PattyCake’s quick ratio. (Round your answer to 2 decimal places.) Quick ratio times: Calculate PattyCake’s cash ratio. (Round your answer to 2 decimal places.) Cash ratio times:
