A Corporation Reports the Following Year-End Balance Sheet Data Calculate the Corporation's Current Ratio and Its Acid-Test Ratio

question 154

Essay

A corporation reports the following year-end balance sheet data:
$$\begin{array} { | l | r | l | r | } \hline \text { Cash } & \$ 40,000 & \text { Current liabilities } & \$ 64,000 \\\hline \text { Accourts receivable } & 35,000 & \text { Lone-term liabilities } & 72,000 \\\hline \text { Irvventory } & 60,000 & \text { Corrmon stock } & 100,000 \\\hline \text { Equiprnent } & \underline { 150,000} & \text { Retaired earnings } & \underline { 49,000} \\\hline \text { Total assets } & \underline { \$ 285,000} & \text { Total liabilities and equity } & \underline { \$ 285,000} \\\hline\end{array}$$ Calculate the corporation's current ratio and its acid-test ratio.

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