Question - The following information has been extracted from the financial statements of Blue Hills Ltd.
|
|
2018
|
2017
|
|
Cash at bank
|
$140,000
|
$162,000
|
|
Marketable securities
|
315,000
|
288,000
|
|
Accounts receivable
|
370,000
|
347,000
|
|
Inventory
|
850,000
|
864,000
|
|
Prepaid expenses
|
28,000
|
70,000
|
|
Plant and equipment
|
1,500,000
|
1,530,000
|
|
Accounts payable
|
876,000
|
828,500
|
|
Bills payable
|
61,000
|
48,000
|
|
Accrued expenses
|
4,600
|
2,300
|
Required - Calculate the following 2017 and 2018:
1. Current ratio
2. Quick ratio