Use the Gagnon, Inc., balance sheet data on the following page. Company Acid-Test Ratio Horner, Inc. (Utility)..............................................
Question:
Company Acid-Test Ratio
Horner, Inc. (Utility).............................................. 0.73
Isaacson Company (Department store)................... 0.68
Jona Companies Limited (Grocery store)............... 0.72
Requirements
1. Compute Gagnon, Inc.s acid-test ratio at December 31, 2010 and 2009.
2. Use the comparative information from the table on the bottom of page 811 for Horner, Inc., Isaacson Company, and Jona Companies Limited. Is Gagnon, Inc.s acid-test ratio for 2010 and 2009 strong, average, or weak incomparison?
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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