Depreciation included in cost of goods sold and operating expenses is $1230000. On May 1, 2021, 70000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. At December 31, 2021, the acid-test ratio was

The following data are provided: December 31 2021 2020 Cash $ 1300000 $ 990000 1500000 1250000 Accounts receivable (net) Inventories 2400000 2300000 7000000 6500000 780000 1200000 200000 100000 1350000 1950000 Plant assets (net) Accounts payable Income taxes payable Bonds payable 10% Preferred stock, $50 par Common stock, $10 par Paid-in capital in excess of par Retained earnings Net credit sales Cost of goods sold Operating expenses Net income 1350000 1950000 1750000 1300000 2450000 1700000 4150000 3450000 12700000 8250000 2900000 1400000 Additional information: Depreciation included in cost of goods sold and operating expenses is $1230000. On May 1, 2021, 70000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2021. At December 31, 2021, the acid-test ratio was 5200 1400. 2800 + 1400. 3900 1700. 2800 - 2205