of At year-end, Schultz Company has cash of $11,600, current accounts receivable $48,900, merchandise inventory of $37,900, and prepaid expenses totaling $5,100. Liabilities of $55,900 must be paid next year. What is Schultz's acid-test ratio? a. 1.08 Objective 5 b. 0.21 c. 1.76 d. Cannot be determined from the data givern g Objective 5 10. Using the data in the preceding question, assume accounts receivable had a beginning balance of $67,400 and net credit sales for the current year totaled $807,800. How many days did it take Schultz to collect its average level of receivables? a. 49 b. 35 c. 29 d. 26 Check your answers at the end of the chapter