(Answered) Exercise current ratio and quick acid-test ratiojordan

Accounting

Exercise: Current Ratio and Quick (Acid-Test) Ratio

Jordan Company provided the following information:

Current assets:

Cash $12,450,000
Accounts receivable 8,740,000
Inventories 8,150,000
Total current assets $29,340,000
Current liabilities $16,300,000

Required:

Note: Round answers to one decimal place.

1. Compute the current ratio.
2. Compute the quick (acid-test) ratio.

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