Question
Q1930 Refer to the following selected financial information from McCormik, LLC. Compute the company's acid-test ratio for Year 2. Cash$39,500$34,250Short-term investments110,00070,000Accounts receivable, net95,50089,500Merchandise inventory131,000135,000Prepaid expenses14,10011,700Plant
Q1930
Refer to the following selected financial information from McCormik, LLC. Compute the company's acid-test ratio for Year 2.
Cash$39,500$34,250Short-term investments110,00070,000Accounts receivable, net95,50089,500Merchandise inventory131,000135,000Prepaid expenses14,10011,700Plant assets398,000348,000Accounts payable103,400117,800Net sales721,000686,000Cost of goods sold400,000385,000
First number is year 2 and 2nd number is year 1
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College Accounting Chapters 1-9
Authors: James Heintz
22nd Edition
1305888537, 978-1305666184
