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Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash $52,000 Short-term investments 12,000 Accounts receivable

Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business:

Cash $52,000
Short-term investments 12,000
Accounts receivable 54,000
Inventory 325,000
Prepaid expenses 17,500
Accounts payable 106,500
Other current payables

25,000

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