Delta Company reports the following year-end balance sheet data. The company's acid-test ratio equals: Cash $ 53,000 Current liabilities $ 88,000 Accounts receivable 68,000 Long-term liabilities 30,000 Inventory 73,000 Common stock 113,000 Equipment 158,000 Retained earnings 121,000 Total assets $ 352,000 Total liabilities and equity $ 352,000
Delta Company reports the following year-end balance sheet data. The company's acid-test ratio equals: Cash $ 53,000 Current liabilities $ 88,000 Accounts receivable 68,000 Long-term liabilities 30,000 Inventory 73,000 Common stock 113,000 Equipment 158,000 Retained earnings 121,000 Total assets $ 352,000 Total liabilities and equity $ 352,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Delta Company reports the following year-end balance sheet data. The company's acid-test ratio equals:
| Cash | $ 53,000 | Current liabilities | $ 88,000 |
|---|---|---|---|
| 68,000 | Long-term liabilities | 30,000 | |
| Inventory | 73,000 | Common stock | 113,000 |
| Equipment | 158,000 | 121,000 | |
| Total assets | $ 352,000 | Total liabilities and equity | $ 352,000 |
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