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The December 31, 2019, Balance Sheet of Patrick Company Includes

Question 47

Multiple Choice

The December 31, 2019, balance sheet of Patrick Company includes the following information:
Inventory $1,500,000
Prepaid Expenses 120,000
Total Current Assets 3,600,000
Total Current Liabilities 1,575,000
Accounts Payable 1,080,000
What is Patrick's quick ratio at December 31, 2019?


A) 0.80
B) 1.71
C) 1.85
D) 1.26

Correct Answer:

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