You are evaluating the balance sheet for PattyCake’s Corporation. From the balance sheet you find the following balances: cash and market able securities = $500,000; accounts receivable = $1,000,000; inventory = $1,900,000; accrued wages and taxes = $400,000; accounts payable = $700,000; and notes payable = $400,000.
Calculate PattyCakes’ current ratio. (Round your answer to 2 decimal places.)
Current ratio times
Calculate PattyCakes’ quick ratio. (Round your answer to 2 decimal places.)
Quick ratio times
Calculate PattyCakes’ cash ratio. (Round your answer to 2 decimal places.)
Cash ratio times