Reference no: EM132669745

Question - Wellington Clothing Store reported the following selected items at June 30, 2019 (previous year - 2018 - amounts are also given as needed):

Cash $80,000

Accounts Receivable, net:

June 30, 2019 45,000

June 30, 2018 53,000

Accounts Payable 55,000

Cost of Goods Sold 288,000

Merchandise Inventory

June 30, 2019 70,000

June 30, 2018 90,000

Net Credit Sales Revenue 480,000

Long-Term Assets 220,000

Long-Term Liabilities 140,000

Other Current Assets 150,000

Other Current Liabilities 130,000

Short-term Investments 40,000

Required - Compute Wellington's acid-test ratio on June 30, 2019. Show your computations. Round the answer to 2 decimal places.