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Compute the company acid-test ratio for year two

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Question - Refer to the following selected financial information from Fennie's, LLC. Compute the company's acid-test ratio for Year 2

 

Year 1

Year 2

Cash

37,500

32,250

Short-term investments

90,000

60,000

Accounts receivable, net

85,500

79,500

Merchandise inventory

121,000

125,000

Prepaid expenses

12,100

9,700

Plant assets

388,000

338,000

Accounts payable

113,400

107,800

Net sales

711,000

676,000

Cost of goods sold

390,000

375,000

Reference no: EM133036293

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