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Calculate the quick ratio for abc biz

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You are the accountant for ABC Biz, a small enterprise that sells widgets. The accounting records for the business after their first year of operations (30 June 2020) are as follows:

Sales 83606

Cost of goods sold 20420

Interest expense 23366

Electricity expense 26854

Rent expense 27446

Wages expense 24894

Accrued expense 15357

Cash 28151

Accounts receivable 39639

Inventory 30121

Accounts payable 25374

Bank loan due 30 June 2022 13506

Problem 1: Calculate the quick ratio. Record your answer to 2 decimal places

Reference no: EM132676078

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