Extracts from the balance sheet of Atlantis Inc. are as follows: 2018 Assets Current Assets: Cash and Cash Equivalents 30,000 Accounts Receivable, Net 65,000 Merchandise Inventory 50,000 Total Current Assets 145,000 Long-Term Investments 150,000 Property, Plant, and Equipment, Net 250,000 Total Assets 545,000 Total Current Liabilities 150,000 Compute the acid test ratio.
Extracts from the balance sheet of Atlantis Inc. are as follows: 2018 Assets Current Assets: Cash and Cash Equivalents 30,000 Accounts Receivable, Net 65,000 Merchandise Inventory 50,000 Total Current Assets 145,000 Long-Term Investments 150,000 Property, Plant, and Equipment, Net 250,000 Total Assets 545,000 Total Current Liabilities 150,000 Compute the acid test ratio.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Extracts from the
| 2018 | |
| Assets | |
| Current Assets: | |
| Cash and Cash Equivalents | 30,000 |
| 65,000 | |
| Merchandise Inventory | 50,000 |
| Total Current Assets | 145,000 |
| Long-Term Investments | 150,000 |
| Property, Plant, and Equipment, Net | 250,000 |
| Total Assets | 545,000 |
| Total Current Liabilities | 150,000 |
Compute the acid test ratio.
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