Homework Answers
Answer:
Current Assets = Cash + Accounts Receivable + Inventory +
Prepaid Expenses
Current Assets = $4,600 + $10,750 + $14,300 + $1,100
Current Assets =
$30,750
Current Liabilities = Accounts Payable + Salaries Payable
Current Liabilities = $2,490 + $8,730
Current Liabilities = $11,220
Acid Test Ratio = (Current Assets – Inventory – Prepaid
Expenses) / Current Liabilities
Acid Test Ratio = ($30,750 - $14,300 - $1,100) / $11,220
Acid Test Ratio = $15,350 / $11,220
Acid Test Ratio = 1.37:1
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