The following partial balance sheet is provided for Groome Company: Liabilities and Stockholders' Equity Accounts payable$9,000 Salaries payable 12,000 Bonds payable (Due in ten years) 20,000 Common stock, no par 30,000 Retained earnings 54,000 Total liabilities and stockholders' equity$125,000 What is the company's quick (acid-test) ratio?
A. 16%
B. 49%
C. 33%
D. Cannot be determined with the information given.
Answer: C
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