Q14

Refer to the following selected financial information from McCormik, LLC. Compute the company's acid-test ratio for Year 2 14 50-655 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold Year 2 $ 37,500 90,000 85,500 121,000 12,100 388,000 113,400 711,000 390,000 Year 1 $ 36,850 90, 86,250 117, eee 13,500 392,000 111,750 706,eee 385,500