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efer to the following selected financial information from Texas Electronics. Compute the company's acid-test ratio for Year 2. Year 2 Year 1

efer to the following selected financial information from Texas Electronics. Compute the company's acid-test ratio for Year 2. Year 2 Year 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Refer to the following selected financial information from Texas Electronics. Compute the company's acid-test ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 38,400 $ 33,150 99,000 64,500 90,000 84,000 125,500 129,500 13,000 10,600 392,500 342,500 108,900 112,300 715,500 680,500 394,500 379,500
Transcribed Image Text:Refer to the following selected financial information from Texas Electronics. Compute the company's acid-test ratio for Year 2. Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 Year 1 $ 38,400 $ 33,150 99,000 64,500 90,000 84,000 125,500 129,500 13,000 10,600 392,500 342,500 108,900 112,300 715,500 680,500 394,500 379,500
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