Refer to the Following Selected Financial Information from Texas Electronics

question 166

Multiple Choice

Refer to the following selected financial information from Texas Electronics. Compute the company's current ratio for Year 2. $\begin{array}{lrr}& \text { Year 2 } & \text { Year 1 } \\\text { Cash } & \$ 37,500 & \$ 36,850 \\\text { Short-term investments } & 90,000 & 90,000 \\\text { Accounts receivable, net } & 85,500 & 86,250 \\\text { Merchandise inventory } & 121,000 & 117,000 \\\text { Prepaid expenses } & 12,100& 13,500\\\text { Plant assets } & 388,000 & 392,000 \\\text { Accounts payable } & 113,400 & 111,750 \\\text { Net sales } & 711,000 & 706,000 \\\text { Cost of goods sold } & 390,000 & 385,500\end{array}$

• A) 2.26.
• B) 1.98.
• C) 2.95.
• D) 3.05.
• E) 1.88.

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Definitions:

Whole Number

A number without fractions; an integer.

Fraction

A mathematical expression representing the division of one quantity by another, indicating parts of a whole.

Square

A mathematical operation involving multiplying a number by itself, or a polygon with four equal sides and angles.

Square Root

A mathematical function that, for a given number, produces a value which, when multiplied by itself, gives the original number.