8) Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash 52,000 12,000 54,000 325,000 44 5,000 17,500 lbe d tonano a 106,500 25,000 Short-term investments 123,500li (EL Accounts receivable 18000 oe (A ib voa unim oog oiovnl (8 notovai bogams ni-aoitahogeneT (a Inventory Prepaid expenses Accounts payable Other current payables 8) (O 131.500 A) 1.80 and 0.90 B) 2.73 and 1.52 C) 1.80 and 1.00 D) 1.97 and 1.52 E) 3.50 and 0.90 500 350 9) The gross margin ratio: 9) A) Is also called the net profit ratio. B) Is also called the profit margin. C) Should be greater than 1 for merchandising companies. D) Indicates the percent of sales revenue remaining after covering the cost of the goods sold. E) Is a measure of liquidity and should exceed 2.0 to be acceptable. 10) Sales less sales discounts, less sales returns and allowances equals: A) Net purchases. B) Gross profit. C) Net sales. D) Cost of goods sold. E) Net income. 10) Lo50, but the count of cah in th is Sales $2.00 credit Sho