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The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2016 balance sheet reported the following: cash,
The current asset section of Guardian Consultants balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2016 balance sheet reported the following: cash, $1,480,000; prepaid expenses, $540,000; noncurrent assets, $2,700,000; and shareholders equity, $2,800,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.6.
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Determine the following 2016 amounts and ratios: (Round your "The acid-test ratio" answer to 1 decimal place.)
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