Use the information below to compute the acid test ratio. (The
Use the information below to compute the acid test ratio. (The same company and numbers are used for questions 19 -22),
Selected Financial Data As of December 31, ,
.................... ..........................................2007....2006 ,
Cash $ 8,000 $ 60,000 ,
Marketable securities 32,000 8,000 ,
Accounts receivable 40,000 110,000 ,
Inventory 80,000 140,000 ,
Net property, plant, and equipment 240,000 280,000 ,
Accounts payable 60,000 100,000 ,
Short- term notes payable 30,000 50,000 ,
Credit sales 600,000 900,000 ,
Cost of goods sold 1,260,000 1,403,000,
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