Sheridan Industries has the following current assets and liabilities on the company's balance sheet: Cash $14080: Accounts Receivable $5600: Inventory $53000: Prepaid Rent $2900 Accounts Payable $19000 and Uneaned Revenue $5000. The company's acid-test ratio would be O 101:1 O 1221 O 0.821 Ⓒ 0.27:1

Sheridan Industries has the following current assets and liabilities on the company's balance sheet: Cash $14080: Accounts Receivable $5600: Inventory $53000: Prepaid Rent $2900 Accounts Payable $19000 and Uneaned Revenue $5000. The company's acid-test ratio would be O 101:1 O 1221 O 0.821 Ⓒ 0.27:1

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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calculate the quick assets (in $) and acid test ratio for the given company. round ratios to the nearest hundredth.