Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business: Cash$53,150?Short-term investments 10,000?Accounts receivable 50,000?Inventory 190,000?Prepaid expenses 6660?Accounts payable 104,000?Other current payables 30,700?
A. 0.43 and 1.19
B. 2.30 and 0.84
C. 2.74 and 1.19
D. 1.30 and 0.84
E. 1.30 and 1.00
Answer: B
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