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Home Q & A Board Other Fields Homework Help Business Accounting
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StormLrd StormLrd
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6 years ago
Given the following information calculate the 2013 and 2014 acid-test ratios for Smart-T. :

   2013   2014
Cash   $ 15,000   $66,000
Short-term investments    48,000   29,000
Accounts receivable (net)   45,000   45,000
Inventory   9,000   13,000
Prepaid expenses   5,000   5,500
Accounts payable   40,000   43,000
Salaries payable   8,000   9,000
Income taxes payable   5,000   5,500
Bonds payable (due 2019)   80,000   80,000
Sales   250,000   230,000
Cost of goods sold   180,000   165,000

Is Smart-T's liquidity situation improving?
Note: 2012 net accounts receivables = $40,000
Textbook 
Cost Accounting: A Managerial Emphasis, Canadian Edition

Cost Accounting: A Managerial Emphasis, Canadian Edition


Edition: 7th
Authors:
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AlexmosutheAlexmosuthe
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6 years ago
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StormLrd Author
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6 years ago
Just got PERFECT on my quiz
ethom947
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Yesterday
Thanks for your help!!
yen
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2 hours ago
Brilliant ツ
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