The Following Balance Sheet Information Is Provided for Greene Company

question 56

Multiple Choice

The following balance sheet information is provided for Greene Company for Year 2: $\begin{array}{lr}\text { Assets }\\\text { Cash } & \$ 5,400 \\\text { Accounts receivable } & 15,500 \\\text { Inventory } & 18,000 \\ \text { Prepaid expenses } & 1,600 \\\text { Plant and equipment, net of depreciation } & 20,200 \\\text { Land } &\underline{ 19,950}\\ \text { Total assets } &\underline{ \$ 80,650} \\\text { Liabilities and Stockholders'Equity }\\ \text { Accounts payable } & \$ 4,500 \\\text { Salaries payable } & 11,500\\\text { Bonds payable (due in ten years) } & 19,000 \\ \text { Common stock, no par } & 30,000 \\ \text { Retained earnings } &\underline{ 15,650} \\\text {Total liabilities and stockholders equity } &\underline{ \$ 80,650 }\\\end{array}$ What is the company's quick (acid-test) ratio?

• A) 0.7
• B) 1.4
• C) 1.3
• D) 3.8

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Definitions:

Genotypic Expression

The manifestation of characteristics or traits in an organism resulting from the interaction of its genetic makeup with the environment.

Phenotypic Expression

The observable physical or physiological traits of an organism, which result from the interaction of its genotype with the environment.

Genetic Drift

A mechanism of evolution that involves random changes in the frequency of alleles within a population over time, not necessarily driven by natural selection.

Allele Frequencies

The proportionate occurrence of alleles within a population's gene pool, indicating genetic diversity and evolution trends.