The Financial Statements for Myers Service Company Include the Following

question 110

Multiple Choice

The financial statements for Myers Service Company include the following items: $\begin{array}{lrr}& 2017 & 2016 \\\text { Cash } & \$ 51,500 & \$ 49,000 \\\text { Short-term Investments } & 27,000 & 13,500 \\\text { Net Accounts Receivable } & 55,000 & 52,000 \\\text { Merchandise Inventory } & 131,000 & 47,000 \\\text { Total Assets } & 528,000 & 553,000 \\\text { Accounts Payable } & 129,500 & 124,000 \\\text { Salaries Payable } & 23,000 & 19,000 \\\text { Long-term Note Payable } & 60,000 & 60,000\end{array}$ Compute the acid-test ratio for 2016.(Round your answer to two decimal places)

• A)0.88
• B)0.80
• C)0.92
• D)0.71

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