Homework Help is Here – Start Your Trial Now!
Business
Accounting
Presented below is information available for Bestfit Company. Current Assets Inventories                                       $110,000 Prepaid expenses                                30,000 Accounts receivable                            61,000 Short-term investments                       75,000 Cash                                                      4,000 Total current assets             $280,000   Total current liabilities are $120,000. The acid-test ratio for Bestfit is Select one: 08 to 1. 17 to 1. 33 to 1. 54 to 1.

Presented below is information available for Bestfit Company. Current Assets Inventories                                       $110,000 Prepaid expenses                                30,000 Accounts receivable                            61,000 Short-term investments                       75,000 Cash                                                      4,000 Total current assets             $280,000   Total current liabilities are $120,000. The acid-test ratio for Bestfit is Select one: 08 to 1. 17 to 1. 33 to 1. 54 to 1.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 53CE: Profitability Ratios The following data came from the financial statements of Israel Company:...
See similar textbooks
icon
Related questions
Question
  1. Presented below is information available for Bestfit Company.

Current Assets

Inventories                                       $110,000

Prepaid expenses                                30,000

Accounts receivable                            61,000

Short-term investments                       75,000

Cash                                                      4,000

Total current assets             $280,000

 

Total current liabilities are $120,000. The acid-test ratio for Bestfit is

Select one:

  1. 08 to 1.
  2. 17 to 1.
  3. 33 to 1.
  4. 54 to 1.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS