Agnes Company Reported the Following Data What Was the Current Ratio?
A)0

question 63

Multiple Choice

Agnes Company reported the following data: $$\begin{array} { l r } \text { Quick assets } & \$ 55,000 \\\text { Current assets } & 150,000 \\\text { Total liabilities } & 300,000 \\\text { Average net receivables } & 12,600 \\\text { Beginning inventory } & 38,000 \\\text { Long-term liabilities } & 200,000 \\\text { Net credit sales } & 126,000 \\\text { Cost of goods sold } & 84,000 \\\text { Ending inventory } & 46,000\end{array}$$ What was the current ratio?

• A)0.5
• B)1.5
• C)2.5
• D)0.75

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Definitions:

Leftward Shift

In economic terms, a movement of the supply or demand curve to the left on a graph, indicating a decrease in supply or demand.

Demand Curve

A demand curve is a graphical representation that shows the relationship between the price of a good or service and the quantity of it that consumers are willing to purchase at various prices.

Substitute Good

Refers to a product or service that a consumer sees as the same or similar to another product, thus they can be used interchangeably.

Substitute Goods

Products or services that can be used in place of each other, where the consumption of one increases the likelihood of the other being consumed less.