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27 ) Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash$52,000 Short-term investments12,000 Accounts receivable54,000

27 ) Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business:

Cash$52,000

Short-term investments12,000

Accounts receivable54,000

Inventory325,000

Prepaid expenses17,500

Accounts payable106,500

Other current payables25,000

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