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Question
The following items are reported on a companys balance sheet:
| Cash | $230,000 |
| Marketable securities | 50,000 |
| Accounts receivable | 200,000 |
| Inventory | 240,000 |
| Accounts payable | 300,000 |
Determine (a) the current ratio and (b) the quick ratio. (Round answers to one decimal place.)
Answer
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