For Items 9-10Following are selected financial and operating data taken from the financial statements of AlamonaCorporation:CashNotes and Accounts Receivable, netMerchandise InventoryMarketable Securities short-termLand and Buildings (net)Bonds Payable long-termAccounts Payable - tradeNotes Payable - short-termAs of December 312023202280,000640,000400,0001,200,000720,000 1,200,000240,00080,0002,720,0002,880,0002,160,0002,240,000560,000880,000160,000320,000Sales (20% cash, 80% credit sales)Cost of Goods SoldFor the Year-Ended December 31202318,400,0008,000,000202219,200,00011,200,000Compute for the following ratio:9. Current ratio as of December 31, 2023a. 0.5:1b. 2.0:1c. 2.6:1d. 3.2:110. Quick (acid test) ratio as of December 31, 2023a. 2.0 to 1b. 0.5 to 1c. 1 to 1d. 0.7 to 1Page 4 of 4

Detailed explanation:Sales, cost of goods sold, land, building and bonds payable long term are not…

Answered: For Items 9-10 Following are selected…

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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