FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pritchett Company reported the following year-end data: $ 20,500 7,100 12,700 22,100 15,100 31,000 Compute the (a) current ratio and (b) acid-test ratio. Complete this question by entering your answers in the tabs below. Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current liabilities Current Ratio Acid Test Ratio Compute the acid-test ratio. Numerator: Acid-Test Ratio <Current Ratio Denominator: Acid Test Ratio > W W Acid-Test Ratio Acid-test ratio) to 1
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Transcribed Image Text:Pritchett Company reported the following year-end data: $ 20,500 7,100 12,700 22,100 15,100 31,000 Compute the (a) current ratio and (b) acid-test ratio. Complete this question by entering your answers in the tabs below. Cash Short-term investments Accounts receivable (current) Inventory Prepaid (current) assets Total current liabilities Current Ratio Acid Test Ratio Compute the acid-test ratio. Numerator: Acid-Test Ratio <Current Ratio Denominator: Acid Test Ratio > W W Acid-Test Ratio Acid-test ratio) to 1
Pritchett Company reported the following year-end data: Cash Short-term investments, Accounts receivable (current) Inventory Prepaid (current) assets Total current liabilities Compute the (a) current ratio and (b) acid-test ratio. Complete this question by entering your answers in the tabs below. Current Ratio Acid Test Ratio Compute the current ratio. $ 20,500 7,100 12,700 22,100 15, 100 31,000 Numerator: 1 Current Ratio Denominator: Current Ratio = Current Ratio Current ratio to 1 Acid Test Ratio >
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Transcribed Image Text:Pritchett Company reported the following year-end data: Cash Short-term investments, Accounts receivable (current) Inventory Prepaid (current) assets Total current liabilities Compute the (a) current ratio and (b) acid-test ratio. Complete this question by entering your answers in the tabs below. Current Ratio Acid Test Ratio Compute the current ratio. $ 20,500 7,100 12,700 22,100 15, 100 31,000 Numerator: 1 Current Ratio Denominator: Current Ratio = Current Ratio Current ratio to 1 Acid Test Ratio >
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Step 1: Definition of Current Ratio and Acid Test Ratio. 
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Step 2: Calculation of Current assets
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Step 3: Calculation of Current Ratio and Acid Test Ratio
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