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What the company acid-test ratio would be

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Question 1: Spanish Industries has the following current assets and current liabilities on the company's balance sheet: Cash $17,000; Accounts Receivable $8,200; Inventory $54,000; Prepaid Rent $3,000; Accounts Payable $23,000; Long-Term Notes Payable $20,000; and Unearned Revenue $5,500. The company's acid-test ratio would be

Option 1: 1.12:1

Option 2: 0.38:1

Option 3: 0.88:1

Option 4: 1.07:1

Reference no: EM132552218

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