Using the following year-end information for Calvin's Clothing, calculate the current ratio and acid-test ratio for the business:Cash$52,000Short-term investments 12,000Accounts receivable 54,000Inventory 325,000Prepaid expenses 17,500Accounts payable 106,500Other current payables 25,000
A. 1.97 and 1.52
B. 2.73 and 1.52
C. 1.80 and 1.00
D. 1.80 and 0.90
E. 3.50 and 0.90
Answer: E
Business
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