Items (a) through (d) are based on the following information:

Items (a) through (d) are based on the following information:



Required
Answer the following multiple-choice questions:
a. Sharkey's acid-test ratio as of December 31, 2009, is
1. 0.63.
2. 0.70.
3. 0.89.
4. 0.99.
b. Sharkey's receivables turnover for 2009 is
1. 8 times.
2. 6 times.
3. 12 times.
4. 14 times.
c. Sharkey's inventory turnover for 2009 is
1. 11.45 times.
2. 10.50 times.
3. 9.85 times.
4. 8.45 times.
d. Sharkey's current ratio at December 31, 2009, is
1. 1.40.
2. 2.60.
3. 1.90.
4. 1.78.
e. If current assets exceed current liabilities, payments to creditors made on the last day of the year will
1. Decrease current ratio.
2. Increase current ratio.
3. Decrease working capital.
4. Increase workingcapital.

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