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3 years ago

Presented below is information related to Tolbert Company.

Business

1 answer:

Anni [7]3 years ago

6 0

Answer:

Option (c) is correct.

Explanation:

Given that,

Cash = $4,000

Short-term investments = $75,000

Accounts receivable = $61,000

Inventories = $110,000

Prepaid expenses = $30,000

Total current liabilities = $100,000

Current assets:

= Cash + Short-term investments + Accounts receivable

= $4,000 + $75,000 + $61,000

= $140,000

Therefore,

Acid-test ratio:

= Current assets ÷ Current liabilities

= $140,000 ÷ $100,000

= 1.4 to 1

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<u>Solution and Explanation:</u>

date Particulars Debit Credit

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