Question: 1. The current ratio is computed as a. Assets : Liabilities b. Assets : Current Liabilities c. Current Assets : Current Liabilities d. Current Assets

1. The current ratio is computed as a. Assets : Liabilities b. Assets : Current Liabilities c. Current Assets : Current Liabilities d. Current Assets - Current Liabilities 2. Lilac Company reported the following current assets and current liabilities for the year ended December 31: . Cash, $50,000 . Accounts receivable, $40,000 . Inventory, $25,000 . Total assets, $150,000 . Current liabilities, $49,000 . Total liabilities, $99,000 Lilac's quick ratio (rounded to two decimal places) for the year ended December 31 is a. 1.52 b. 2.35 c. 1.84 d. None of these are correct

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