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Selected amounts from Reingold Company's balance sheet from the beginning of the year follow: Cash Marketable Securities Accounts receivable. net Inventory Prepaid expenses Plant and

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Selected amounts from Reingold Company's balance sheet from the beginning of the year follow: Cash Marketable Securities Accounts receivable. net Inventory Prepaid expenses Plant and equipment, net Accounts payable Accrued liabilities Notes due within one year Bonds payable in five years $ 57,000 $ 5,500 $ 318,800 $ 426,200 $ 5,400 $ 820,000 $ 176,600 $ 48,300 $ 74,000 $ 127,000 During the year, the company completed the following transactions X Purchased inventory on account, $40.250. a. Declared a cash dividend $17,000 b. Paid accounts payable, $79,200. C. Collected cash on accounts receivable, $65.700. d. Purchased equipment for cash, $64,600 e Paid a cash dividend previously declared. $17.000. f. Borrowed cash on a short-term note with the bank $40.500. g Sold inventory costing $59.600 for $87.000, on account h. Wrote off uncollectible accounts in the amount of $4 800 reducing the accounts receivable balance accordingly Sold marketable securities costing $5.500 for cash $3,800, Issued additional shares of common stock for cash $174.000 Paid off all short-term notes due $114 500 Required: 1. Compute the following amounts and ratios as of the beginning of the year: a. Working capital. Working capital b. Current ratio. (Round your answer to 2 decimal places.) Current ratio c. Acid-test ratio (Round your answer to 2 decimal places.) Acid-test ratio

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