The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick ratio. Present figures used in your computations. Round ratios to the nearest tenth.
Definitions:
Proration
The method of allocating proportions of expenses or incomes across different departments, products, or periods.
Process Costing
An accounting methodology used for homogenous products, which assigns costs to each production unit based on processes or departments.
Petroleum Refining
The industrial process of transforming crude oil into useful products such as fuel, lubricants, and petrochemicals.
Paper Mills
Industrial facilities where raw materials like wood pulp are processed into paper and cardboard products.
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