Question
Money Inc., a USA-based business has an acid test ratio of 3 times, and the value of the current assets including closing inventories (comprising of
Money Inc., a USA-based business has an acid test ratio of 3 times, and the value of the current assets including closing inventories (comprising of trade receivables of $2,000,000 and cash of $2,000,000), amounted to $4,000,000 what was the value of the closing inventories? show working
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Step: 1
To determine the value of the closing inventories for Money Inc we can use the given information along with the formula for the acid test quick ratio ...
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Introduction to Governmental and Not for Profit Accounting
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
978-0132776011
