Question 12 1 pts The following account balance information is available as of December 31, 20X4 for XYZ Co.: Cash.... $500,000 Accounts receivable.. $2,500,000 Marketable securities.. $1,000,000 Prepaid insurance. $250,000 Equipment (net). $7.750,000 Current liabilities (total)...... $1,100,000 $5,000,000 Long-term liabilities (total)........ Common stock... $4.800.000 Retained earnings..... $1,100.000 What is XYZ Co.'s quick or acid-test ratio? O 5.00 O 2.73 O 3.86 O 3.64 Question 23 1 pts On January 1, 20X1, Emily's Boutique purchased equipment for $74,000 which is expected to have a 8- year useful life and a $4,000 salvage value. Using straight-line depreciation, what is the annual depreciation expense on this equipment for the year- ended December 31, 20X3? 0 $9,250 O $8,750 O $27,750 $26,250 Question 19 1 pts Fashion Retailers, Inc.'s income statement for the year ended December 31, 20X8 included the following accounts: Sales... $72,000,000 Cost of goods sold..... $50,400,000 Selling expenses (total)... $12,000,000 General and administrative expenses....... $8,000,000 Income tax expense... $480,000 What was the gross profit ratio for the year-ended December 31, 20X8? O 30.0% O 1.6% O 70.0% 5.2%