The current ratio and quick ratio are two important financial ratios that measure a company's liquidity and ability to meet its short-term obligations. The current ratio is calculated by dividing current assets by current liabilities, while the quick ratio is calculated by deducting inventory from current assets and then dividing by current liabilities.


- Current ratio: 3.5:1
- Quick ratio: 2:1
- Inventory: $24,000


To calculate the current assets, we need to use the current ratio. The current ratio is given as 3.5:1, which means that for every $1 of current liabilities, there are $3.5 of current assets.

Let's assume the current liabilities as 'x'. Then, the current assets can be calculated as follows:
Current assets = Current ratio * Current liabilities
Current assets = 3.5 * x


To calculate the quick assets, we need to use the quick ratio. The quick ratio is given as 2:1, which means that for every $1 of current liabilities, there are $2 of quick assets.

Quick assets = Quick ratio * Current liabilities
Quick assets = 2 * x


Given that the inventory is $24,000, we can subtract this amount from the current assets to find the quick assets.
Quick assets = Current assets - Inventory

Now, we can equate the quick assets calculated using the quick ratio and the quick assets calculated by subtracting the inventory from the current assets:
2 * x = (3.5 * x) - $24,000


To find the value of 'x' (current liabilities), we can solve the equation:
2x = 3.5x - $24,000
1.5x = $24,000
x = $24,000 / 1.5
x = $16,000

Therefore, the current liabilities are $16,000.


Now that we have found the value of current liabilities, we can calculate the current assets using the current ratio:
Current assets = Current ratio * Current liabilities
Current assets = 3.5 * $16,000
Current assets = $56,000

Therefore, the current assets are $56,000.

In summary, based on the given current ratio of 3.5:1 and quick ratio of 2:1, the current liabilities are $16,000 and the current assets are $56,000.

(1) Current Liabilities = 16000
(2) Current Assets = 56000