Question 1 (3 points) Merchandise inventory: 1) Is a long-term asset. 2) Is a current asset 3) Includes supplies 4) ls classifed with investments on the balance sheet Save Question 2 (3 points) D The current period's ending inventory is: 1) The next period's beginning inventory 2) The current period's cost of goods sold. 3) The prior period's beginning inventory 4) The current period's net purchases. Save Question 3 (3 points) The quick assets are defined as 1) Cash. short-term investments, and inventory. 2) Cash, short-term investments, and current receivables. 3) Cash, inventory. and current receivables 4) Cash, noncurrent receivables, and prepaid expenses Save Question 413 points) Liquidity problems are likely to exist veben a company's acid-test ratio 1) 1s less than the current ratio 21 1s 1 to 1 3 is higher than 1 to 1