Information from Paff Co. at Dec. 31, 2007, follows: cash, $820,000; accounts receivable, $240,000; inventories, $470,000; plant

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Information from Paff Co. at Dec. 31, 2007, follows: cash, $820,000; accounts receivable, $240,000;

inventories, $470,000; plant assets, $910,000; accounts payable, $350,000; and income taxes payable, $180,000. Compute its

(a) current ratio and

(b) acid-test ratio.

AppendixLO1

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Financial Accounting Information For Decisions

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Information from Paff Co. at Dec. 31, 2007, follows: cash, $820,000; accounts receivable, $240,000; inventories, $470,000; plant

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Financial Accounting Information For Decisions

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