Based on the information in the table, calculate the firm\'s acid-test ratio (qu

Question

Based on the information in the table, calculate the firm's acid-test ratio (quick ratio) Round the answers to two decimal places Balance Sheet December 31, 2015 Gash and marketable $187000 $187,000 $498,000 $799,000 $19,300 $1,503,300 $1,978,000 478,000 $1,500,000 53,003,300 Accounts payable $217000 Notes payable Accrued expenses Total current liabitities$326800 Long-term debt Par value and paid-h$128,000 securities Accounts receivable $51,500 Inventories Prepaid expenes Total current assets Gross fixed assets Less: accumulated $58,300 $215,400 capital Retained Earnings$2.333.100 depreciation Net fixed assets Common Equity 2461,100 Total labites and owoe' $,003.300 Total assets equity Iacome Statement, Year of 2015 Net sales (all credit Less: Cost of goode sold Selling and administrative 55,386,600.00 53716,75400 5329.000.00 136,000.00 Depreciatior expense nterest expense $59,600 00 Earnings befors taxes 51 163,246.0

Explanation / Answer

1 calculation of acid test ratio acid test ratio acid assets / current liabilities acid assets total current assets - inventories - prepaid expenses 1503300-799000-19300 685000 acid test ratio 685000 / 326800 2.10

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