Crafter Company Has the Following Assets and Liabilities Determine the Quick Ratio (Rounded to One Decimal Point)

question 95

Multiple Choice

Crafter Company has the following assets and liabilities:?? $\begin{array}{|l|r|}\hline {\text { Assets }} & \\\hline \text { Cash } & \$ 28,000 \\\hline \text { Accounts receivable } & 15,000 \\\hline\text { Inventory } & 20,000 \\\hline \text { Equipment }& 50,000 \\\hline & \\\hline{\text { Liabilities }}\\\hline \text { Current portion of long-term debt } & \$ 10,000 \\\hline \text { Accounts payable } & 2,000 \\\hline \text { Long-term debt } & 25,000 \\\hline\end{array}$ Determine the quick ratio (rounded to one decimal point) .

• A) 5.3
• B) 3.6
• C) 3.3
• D) 2.3

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