Excerpts from Colter Corporation's most recent balance sheet appear below: Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.The acid-test (quick) ratio at the end of Year 2 is closest to:
A) 0.72
B) 0.83
C) 0.59
D) 1.25

Question

Excerpts from Colter Corporation's most recent balance sheet appear below:  Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.The acid-test (quick) ratio at the end of Year 2 is closest to:
A) 0.72 
B) 0.83 
C) 0.59 
D) 1.25

Quizplus · Accepted Answer

The Answer of Excerpts from Colter Corporation's most recent balance sheet appear below:  Sales on account in Year 2 amounted to $1,210 and the cost of goods sold was $720.The acid-test (quick) ratio at the end of Year 2 is closest to:
A) 0.72 
B) 0.83 
C) 0.59 
D) 1.25

Excerpts from Colter Corporation's Most Recent Balance Sheet Appear Below