La Marque Boutique Hotel had the following financial information for the past year: - Inventory = $120,000 - Current Ass...
La Marque Boutique Hotel had the following financial information for the past year:
- Inventory = $120,000
- Current Assets = $300,000
- Quick ratio = 1.50
Based on the information above, what were La Marque Boutique Hotel’s current liabilities for the past year?
Homework Answers
Quick ratio=(Current Assets-inventory)/current liabilities
1.5=(300,000-120,000)/current liabilities
current liabilities=180,000/1.5
=$120,000
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