Question
The following balance sheet information is provided for Jordan Company for 2014: Assets Cash $ 5,000 Accounts receivable 11,150 Inventory 14,500 Prepaid expenses 1,300 Plant
The following balance sheet information is provided for Jordan Company for 2014: Assets Cash $ 5,000 Accounts receivable 11,150 Inventory 14,500 Prepaid expenses 1,300 Plant and equipment, net of depreciation 19,200 Land 13,100 Total assets $ 64,250 Liabilities and Stockholders' Equity Accounts payable $ 2,610 Salaries payable 8,530 Bonds payable (Due in 2020) 10,500 Common stock, no par 18,000 Retained earnings 24,610 Total liabilities and stockholders' equity $ 64,250 What is the company's quick (acid-test) ratio? (Round your final answer to 2 decimal places.) 2.87 1.42 0.75 1.45
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