The Financial Statements of Harbor Furniture Company Include the Following

question 48

Multiple Choice

The financial statements of Harbor Furniture Company include the following items: $$\begin{array} { l r r } & 2017 & 2016 \\\text { Cash } & \$ 43,500 & \$ 42,000 \\\text { Short-term Investments } & 27,000 & 12,500 \\\text { Net Accounts Receivable } & 93,000 & 100,000 \\\text { Merchandise Inventory } & 162,000 & 149,000 \\\text { Total Assets } & 533,000 & 547,000 \\\text { Total Current Liabilities } & 304,000 & 293,000 \\\text { Long-term Note Payable } & 62,000 & 59,000\end{array}$$ What is 2017 acid-test ratio? (Round your answer to two decimal places. )

• A)0.23
• B)1.07
• C)1.86
• D)0.54

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Definitions:

Limbic System

In vertebrates, an action system of the brain. In humans, plays a role in emotional responses, motivation, sexual behavior, autonomic responses, and biological rhythms.

Reflex Action

An automatic, involuntary response to a given stimulus that generally functions to restore homeostasis.

Motor Responses

The physiological reactions of organisms or cells to external stimuli, causing movement or action.

Sensory Signals

Electrical or chemical messages that are transmitted through the nervous system, providing information from the environment to the brain for processing.