The following balance sheet information is provided for Greene Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable $4,600 10,750 14,300 1,100 19,000 12,900 $62,650 $2,490 8,730 9,500 19,000 22,930 $62,650 Bonds payable (due in ten years) Common stock, no par Retained earnings. Total liabilities and stockholders' equity What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
The following balance sheet information is provided for Greene Company for Year 2: Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation Land Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable $4,600 10,750 14,300 1,100 19,000 12,900 $62,650 $2,490 8,730 9,500 19,000 22,930 $62,650 Bonds payable (due in ten years) Common stock, no par Retained earnings. Total liabilities and stockholders' equity What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject - account
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Transcribed Image Text:The following balance sheet information is provided for Greene Company for Year 2:
Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Plant and equipment, net of depreciation
Land
Total assets
Liabilities and Stockholders' Equity
Accounts payable
Salaries payable
$4,600
10,750
14,300
1,100
19,000
12,900
$62,650
$2,490
8,730
9,500
19,000
22,930
$62,650
Bonds payable (due in ten years)
Common stock, no par
Retained earnings.
Total liabilities and stockholders' equity
What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Transcribed Image Text:What is the company's quick (acid-test) ratio? (Round your answer to 2 decimal places.)
Multiple Choice
O
O
1.43
1.37
0.74
2.74
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