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Question - The following data are provided:
December 31
2018
2017
Cash
$1450000
$1005000
Accounts receivable (net)
1800000
1150000
Inventories
2550000
2300000
Plant assets (net)
6500000
6450000
Accounts payable
800000
Income taxes payable
180000
100000
Bonds payable
1400000
10% Preferred stock, $50 par
2000000
Common stock, $10 par
2450000
1850000
Paid-in capital in excess of par
1650000
1300000
Retained earnings
3850000
3600000
Net credit sales
12850000
Cost of goods sold
8500000
Operating expenses
3100000
Net income
1450000
Additional information: Depreciation included in cost of goods sold and operating expenses is $1230000. On May 1, 2018, 60000 shares of common stock were issued. The preferred stock is cumulative. The preferred dividends were not declared during 2018.
Required - At December 31, 2018, determine the acid-test ratio?
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