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Determine the current ratio

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Reference no: EM132778703

Problem - Income statement information for Lee Corporation follows:

Cash $300,000

Temporary investments 100,000

Accounts receivable (net) 200,000

Inventory 200,000

Accounts payable 400,000

Required -

(a) Determine the current ratio and Round to one decimal place.

(b) Determine the quick ratio. Round to one decimal place.

Reference no: EM132778703

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