The Following Balance Sheet Information Is Provided for Greene Company

question 28

Multiple Choice

The following balance sheet information is provided for Greene Company for Year 2: $\begin{array}{|l|r|}\hline \text { Cash } & \$\quad 5,400 \\\hline \text { Accounts receivable } & 15,500 \\\hline \text { Inventory } & 18,000 \\\hline \text { Prepaid expenses } & 1,600 \\\hline \text { Pant and equipment, net of depreciation } & 20,200 \\\hline \text { Land } & \underline { 19950 }\\\hline \text { Total assets } & \underline { \$ \quad 80,650 }\\\hline\\\hline \text { Liabilities and Stockholders' Equity }\\\hline\text { Accounts payable } & \$ \quad 4,500 \\\hline\text { Salaries payable } & 11,500 \\\hline \text { Bonds payable (Due in 2020) } & 19,000 \\\hline \text { Common stock, no par } & 30,000 \\\hline \text { Retained earnings } & \underline { 15,650}\\\hline \text { Total liabilities and stockholder' equity } & \underline { \$ \quad 80,650}\\\hline\end{array}$ What is the company's quick (acid-test) ratio (rounded to one decimal point) ?

• A) 0.7
• B) 1.4
• C) 1.3
• D) 3.8

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Definitions:

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