Please do not give solution in image format thanku Mayfield Corporation has provided the following financial data:Current assets:CashAccounts receivable, netInventoryPrepaid expensesTotal current assetsPlant and equipment, netTotal assetsCurrent liabilities:Liabilities and Stockholders' EquityAccounts payableAccrued liabilitiesNotes payable, short termTotal current liabilitiesBonds payableTotal liabilitiesAssetsStockholders' equity:Common stock, $4 par valueAdditional paid-in capitalRetained earningsMultiple ChoiceTotal stockholders' equityTotal liabilities & stockholders' equityThe company's acid-test (quick) ratio is closest to1.69Balance Sheet1622.31174$ 303,000316,000234,00026,000879,000745,000$1,624,000$ 252,00068,00061,000381,000132,000513,000392,00096,000623,0001,111,000$1,624,000

Quick assets are highly liquid assets which can be converted into cash easily. Total current…

Mayfield Corporation has provided the following financial data: Balance Sheet Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Assets Notes payable, short term Total current liabilities. Bonds payable Total liabilities Stockholders' equity: Common stock, $4 par value Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities & stockholders' equity The company's acid-test (quick) ratio is closest to Multiple Choice 169 162 174 $ 303,000 316,000 234,000 26,000 879,000 745,000 $1,624,000 $ 252,000 68,000 61,000 381,000 132,000 513,000 392,000 96,000 623,000 1,111,000 $1,624,000