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Question - The following data are taken from the financial statements of Keanan Company as at the end of the year 2021. The data are in alphabetical order.
Accounts Payable
$28,000
Profit
48,000
Accounts Receivable
66,000
Supplies
8,600
Cash
54,000
Total assets
250,000
Other current liabilities
17,000
Total liabilities
200,000
Prepaid Insurance
2,000
Wages payable
5,000
Instructions -
a) Calculate the working capital, current ratio, and acid-test ratio.
b) Explain what additional information you would require in order to use the three measures to evaluate Keanan's liquidity.
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