Homework Answers
Option C is correct.
Calculation :
Quick Assets = Cash + Marketable securities + Accounts receivable
Quick Assets = $27,000 + $31,000 + $8,880
Quick Assets = $66,880
Now,
Acid test ratio = Quick Assets ÷ Current liabilities
Acid test ratio = $66,880 ÷ $176,000
Acid test ratio = 0.38
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