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JT Engineering’s current asset information for all four quarters of 2020 is shown below. JT maintained a constant $250,000 of current liabilities throughout the year. Based on the current ratio, in which quarter was JT least liquid?   CURRENT ASSETS Q1 Q2 Q3 Q4 Cash $10,000 $8,500 $9,200 $9,000 Short-term Investments 72,000 75,000 69,000 70,000 Accounts Receivable 66,000 61,500 64,300 65,000 Inventory 110,000 112,000 112,000 111,500 Prepaid Expenses 20,000 21,500 20,100 21,400 TOTAL CURRENT ASSETS $278,000 $278,500 276,600 276,900   a.) Q3 b.) Q1 c.) Q4 d.) Q2

JT Engineering’s current asset information for all four quarters of 2020 is shown below. JT maintained a constant $250,000 of current liabilities throughout the year. Based on the current ratio, in which quarter was JT least liquid?   CURRENT ASSETS Q1 Q2 Q3 Q4 Cash $10,000 $8,500 $9,200 $9,000 Short-term Investments 72,000 75,000 69,000 70,000 Accounts Receivable 66,000 61,500 64,300 65,000 Inventory 110,000 112,000 112,000 111,500 Prepaid Expenses 20,000 21,500 20,100 21,400 TOTAL CURRENT ASSETS $278,000 $278,500 276,600 276,900   a.) Q3 b.) Q1 c.) Q4 d.) Q2

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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JT Engineering’s current asset information for all four quarters of 2020 is shown below. JT maintained a constant $250,000 of current liabilities throughout the year. Based on the current ratio, in which quarter was JT least liquid?

 

CURRENT ASSETS
Q1
Q2
Q3
Q4
Cash
 $10,000 $8,500 $9,200 $9,000
Short-term Investments
 72,000 75,000 69,000 70,000
Accounts Receivable
 66,000 61,500 64,300 65,000
Inventory
 110,000 112,000 112,000 111,500
Prepaid Expenses
 20,000 21,500 20,100 21,400
TOTAL CURRENT ASSETS
 $278,000 $278,500 276,600 276,900

 

a.) Q3
b.) Q1
c.) Q4
d.) Q2
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