The balance sheet for Shrubs Landscaping, Inc. includes Cash $54,000 Short-term investments $154,000 Accounts Receivable...
The balance sheet for Shrubs Landscaping, Inc. includes
Cash $54,000
Short-term investments $154,000
Accounts Receivable $96,000
Inventory $360,000
Prepaid Insurance $42,000
Equipment $675,000
Accounts Payable $150,000
Unearned Revenue $100,000
Salaries Payable $15,000
Taxes Payable $5,000
Bonds Payable $750,000
Stockholder’s Equity $361,000
Calculate the acid-test (quick) ratio for Shrubs: (Round your answer to two decimal places.)
|
2.46 |
||
|
2.61 |
||
|
2.03 |
||
|
1.13 |
Homework Answers
Acid test ratio = Quick assets/Current liabilities
Quick assets = 54,000+154,000+96,000 = 304,000
Current Liabilities = 150,000+100,000+15,000+5,000 = 270,000
= 304,000/270,000
= 1.13
Option D is the answer
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