Question 8: Using the following year-end information for Calvin's Clothing, Inc., calculate the current ratio and acid-test ratio for the business: Cash $ 60,230 Short-term investments 16,000 Accounts receivable 62,000 Inventory 310,000 Prepaid expenses 7,770 Accounts payable 110,000 Other current payables 32,500

2.20 and 1

.31 and 1.03

3.30 and 1.03

3.20 and 0.97

2.20 and 0.97