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4. Refer to the following selected financial information from Texas Electronics. Compute the companys acid-test ratio for Year 2. Year 2 Year 1 Cash $
4. Refer to the following selected financial information from Texas Electronics. Compute the companys acid-test ratio for Year 2.
Year 2 | Year 1 | |
---|---|---|
Cash | $ 38,100 | $ 32,850 |
Short-term investments | 96,000 | 63,000 |
Accounts receivable, net | 88,500 | 82,500 |
Merchandise inventory | 124,000 | 128,000 |
Prepaid expenses | 12,700 | 10,300 |
Plant assets | 391,000 | 341,000 |
Accounts payable | 110,400 | 110,800 |
Net sales | 714,000 | 679,000 |
Cost of goods sold | 393,000 | 378,000 |
Multiple Choice
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3.14.
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2.13.
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2.02.
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3.25.
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2.38.
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