ParagraphFontThe acid-test ratio is (Round your answer to 2 decimal places.):Multiple Choice0.25.0.88.1,17.1.58127127 ParagraphFontThe following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.Liabilities and EquityAssetsCurrent assets:Current liabilities:$ 60Accounts payable$240Cash80Accounts receivable (net)170Other current liabilities320Notes receivable50Total current liabilities110Long-term liabilitiesTotal liabilities200InventoryPrepaid expenses25430Total current assets505Shareholders' equity:Equipment (net)255Common stock150180Retained earningsTotal shareholders' equity330Total assets$760Total liabilities and equity$760

Answered: The acid-test ratio is (Round your…

Business

Accounting

The acid-test ratio is (Round your answer to 2 decimal places.):

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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Question

Paragraph
Font
The acid-test ratio is (Round your answer to 2 decimal places.):
Multiple Choice
0.25.
0.88.
1,17.
1.58
127
127

Paragraph
Font
The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below.
Liabilities and Equity
Assets
Current assets:
Current liabilities:
$ 60
Accounts payable
$240
Cash
80
Accounts receivable (net)
170
Other current liabilities
320
Notes receivable
50
Total current liabilities
110
Long-term liabilities
Total liabilities
200
Inventory
Prepaid expenses
25
430
Total current assets
505
Shareholders' equity:
Equipment (net)
255
Common stock
150
180
Retained earnings
Total shareholders' equity
330
Total assets
$760
Total liabilities and equity
$760

Expert Solution

Liquid assets

All current assets are liquid assets except Inventory and prepaid expenses. These are excluded from liquid assets as these can not be converted into cash within a few days .

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