Question

Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie...

Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll.

Assets Liabilities
Current assets: Current liabilities:
Cash and cash equivalents (Note 1) $ 4,244,190 Notes payable to banks $ 652,221
Investments (Note 1) 32,553,769 Accounts payable 6,984,075
Accounts receivable, less allowances of
$750,000 and $746,000
16,226,648 Dividends payable 556,607
Inventories (Note 1): Accrued liabilities (Note 5) 9,806,534
Finished goods and work in progress 12,670,955 Income taxes payable 4,451,429
Raw materials and supplies 10,295,858
Prepaid expenses 2,057,710

Current Ratio:

Quick Ratio:

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