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Refer to the following selected financial information from McCormik, LLC. Compute the company’s current ratio for Year 1. 3.07 6.58 1.91 49
Expert Answer
Current Assets
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Question & Answer: Refer to the following selected financial information from McCormik, LLC. Compute the company's current ratio for…..
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= Cash + Short term investments + Accounts receivable, net + Merchandise Inventory + Prepaid Expenses
= $36850 + $90000 + $86250 + $117000 + $13500
= $343600
Current Liabilities
= Accounts Payable = $111750
Current Ratio = Current Assets / Current Liabilities
= $343600 / $111750
= 3.07
Correct Option is 3.07
