Erastic Corporation has $30,000 in cash, $16,000 in marketable securities, $58,000 in account receivable, $72,000 in...
Erastic Corporation has $30,000 in cash, $16,000 in marketable securities, $58,000 in account receivable, $72,000 in inventories, and $58,000 in current liabilities. The corporation’s current assets consist of cash, marketable securities, accounts receivable, and inventory. The corporation’s acid-test ratio is closest to:
-
1.00
-
1.52
-
1.79
-
3.03
Homework Answers
Current assets=Cash+Marketable securities+AR+inventory
=30,000+16,000+58,000+72,000=$176000
acid-test ratio=(Current assets-inventory)/Current liabilities
=(176000-72,000)/58,000
which is equal to
=1.79(Approx).
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