The Following Data Are Taken from the Balance Sheet at the End

question 36

Essay

The following data are taken from the balance sheet at the end of the current year.
​ $$\begin{array} { l r } \text { Cash } & \$ 154,000 \\\text { Accounts receivable } & 210,000 \\\text { Inventory } & 240,000 \\\text { Prepaid expenses } & 15,000 \\\text { Marketable securities } & 350,000 \\\text { Property, plant, and equipment } & 375,000 \\\text { Accounts payable } & 245,000 \\\text { Accrued liabilities } & 4,000 \\\text { Income tax payable } & 10,000 \\\text { Notes payable, short-term } & 85,000\end{array}$$ ​
Determine the (a) working capital, (b) current ratio, and (c) quick ratio. Round ratios to one decimal place.
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Definitions:

Opioids

Also known as narcotics. A class of central nervous system depressants whose main effects are the reduction of pain and sleep inducement. Opium, the alkaloid from which opioids are derived, comes from the seeds of the opium poppy, which is indigenous to Asia and the Middle East.

Heroin

A narcotic substance derived from morphine, originating from the seed pods of opium poppy plants, known for its strong addictive properties and illegality.

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Amotivational Syndrome

A continuing pattern of apathy, profound self-absorption, detachment from friends and family, and abandonment of career and educational goals evident in some long-term users of cannabis.