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yanalaym [24]
3 years ago
9

Ace Industries has a current assets equal to $3 illion . the company's current ratio is 1.5. and its quick ratio is 1.0.

Business
1 answer:
zavuch27 [327]3 years ago
6 0

Answer:

$2,000,000

$1,000,000

Explanation:

We know that

Current ratio = Total Current assets ÷ total current liabilities  

1.5 = $3,000,000 ÷ total current liabilities  

So, the total current liabilities would be

= $2,000,000

And

Quick ratio = Quick assets ÷ total current liabilities  

1.0 = Quick assets ÷ $2,000,000

Quick assets = $2,000,000

So, the inventory would be

= Total current assets - quick assets

= $3,000,000 - $2,000,000

= $1,000,0000

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