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Calculate the firm current ratio and acid-test ratio

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Reference no: EM131604926

Question - A firm's balance sheet has the following data:

Cash on hand $450,000

Market securities $25,000

Net accounts and notes receivable $125,000

Retailers' inventories $560,000

Prepaid expenses $48,500

Accounts and notes payable (short term) $700,000

Accumulated liabilities $120,000

Required - The firm's current ratio and acid-test ratio are closest to what values?

Reference no: EM131604926

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