Glencoe AccountingChapter 9:
Financial Statements for a Sole ProprietorshipHomework PracticeComputing Ratios Instructions Based on the account balances given, compute the following ratios, rounding your answer to two decimal places: a. current ratio b. quick ratio c. return on sales Accounts Receivable | $ 5,000 | Ben Franklin, Withdrawals | 2,000 | Cash in Bank | 6,000 | Accounts Payable | 5,500 | Rent Expense | 1,100 | Utilities Expense | 1,200 | Sales | 5,200 | Supplies | 900 | Ben Franklin, capital | 12,000 | Computer Equipment | 6,500 |
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