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Using the following year-end information for Calvin's Clothing, Inc., calculate the current ratio and acid-test ratio for the business: Cash$55,320Short-term investments12,500Accounts receivable55,000Inventory240,000Prepaid expenses9,780Accounts payable106,500Other current

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

Cash$55,320Short-term investments12,500Accounts receivable55,000Inventory240,000Prepaid expenses9,780Accounts payable106,500Other current payables31,500

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