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(Answered) Use the information below to compute the current ratio. (The same


Use the information below to compute the current ratio. (The same
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Use the information below to compute the current ratio. (The same company and numbers are used for questions 19 -22),

 

,

 

SHARKEY CORPORATION,

 

Selected Financial Data As of December 31, ,

 

2007 2006,

 

Cash $ 8,000 $ 60,000 ,

 

Marketable securities 32,000 8,000 ,

 

Accounts receivable 40,000 110,000 ,

 

Inventory 80,000 140,000 ,

 

Net property, plant, and equipment 240,000 280,000 ,

 

Accounts payable 60,000 100,000 ,

 

Short- term notes payable 30,000 50,000 ,

 

Credit sales 600,000 900,000 ,

 

Cost of goods sold 1,260,000 1,403,000,

 

Answer 1.40 ,

 

2.60 ,

 

1.90 ,

 

1.78 ,

 


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