The following items are reported on a company's balance sheet:
Required:
Determine (1) the current ratio and (2) the quick ratio. Round to one decimal place.
Definitions:
Cash Proceeds
The total amount of cash received from transactions, sales, or during a specific period.
Lease Financing
A method of financing where an entity uses leased property or equipment for its operations in exchange for periodic payments.
Taxable Income
The amount of income that is subject to taxation, after all deductions and exemptions are applied.
Pension Plan
A financial program set by an employer to provide retirement income to employees.
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