A company's quick assets are $147,000 and its current liabilities are $143,000. This company's acid-test ratio is 1.03.
Acid-Test Ratio = Quick Assets/Current Liabilities
Acid-Test Ratio = $147,000/$143,000 = 1.03
Correct Answer:
Verified
Q22: Purchase allowances refer to merchandise a buyer
Q23: Under the perpetual inventory system, the cost
Q28: Successful use of a just-in-time inventory system
Q30: A common rule of thumb is that
Q33: Sellers always offer a discount to buyers
Q34: If goods are shipped FOB destination, the
Q35: A company had net sales of $340,500,
Q37: A company's current ratio is 1.2 and
Q39: The gross margin ratio is also called
Q40: Credit terms for a purchase include the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents