Assume a company provided the following excerpts from its balance sheet and income statement as shown below: 40 10 points Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Ending Balance $120,000 $480,000 $100,000 $174,600 $305,400 Beginning Balance $140,000 $380,000 $ 70,000 $174,000 $206,000 8 00:22:17 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes $1,000,000 600,000 400,000 250,000 150,000 8,000 142,000 42,600 $ 99,400 Net income If the current assets at the end of the year include $40,000 of inventory and $5,000 of prepaid expenses, then the acid-test (quick) ratio at the end of the year is closest to: Multiple Choice 0.88 0.75 If the current assets at the end of the year include $40,000 of inventory and $5,000 of prepaid expenses, then the acid-test (quick) ratio at the end of the year is closest to: Multiple Choice 0.88 O O 0.75 0.95 O 0.67