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Question 2 (1 point) Canadian Bacon Inc. financ Based on the information in the table, calculate the firms acid-test ratio (quick ratio). Round the answers to two secimal places ial statements are presented in the table belovw Balance Sheet December 31, 2012 Cash and marketable $198,000 Accounts payable $288,000 securities Accounts receivable $469,000 Notes payable $65,000 Inventories Prepaid expenses $15,700 Total current assets $1,259,700 Long-term debt $237,000 $577,000 Accrued expenses $84,000 Total current liabilities $437,000 Par value and paid- $199,000 in-capital Gross fixed assets $1,954,000 Less: accumulated $46000

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Answer #1
Quick Ratio = (Current Assets - inventories) / Current Liabilities
Current Assets - inventories = $ 1,259,700 - $ 577,000 = $6,82,700
Exuisting
Acid Test Ration (Quick Ratio ) =
Current Assets - Inventories = $6,82,700
Divide By "/"By
Current Liabilities = $4,37,000
Acid Test Ration (Quick Ratio )                              1.56
Acid Test Ration (Quick Ratio )                              1.56
Answer = 1.56
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