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55. James Company had the following account balances at year end: Current Assets Cash $ 8,000 Short-term investments 110,000 Accounts receivable 120,000 Supplies 1,000 Inventory
55. James Company had the following account balances at year end: Current Assets Cash $ 8,000 Short-term investments 110,000 Accounts receivable 120,000 Supplies 1,000 Inventory 220,000 Prepaid expenses 60,000 Total current assets $519,000 Total current liabilities are $190,000. a. Calculate James's acid-test/quick ratio. b. Calculate James's current ratio
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