Question: and acid test ratio Selected condensed data taken from a recent balance sheet of Pharoah Inc. are as follows. $5,702,000 PHAROAH INC. Balance Sheet (partial)

and acid test ratio

Selected condensed data taken from a recent balance sheet of Pharoah Inc. are as follows. $5,702,000 PHAROAH INC. Balance Sheet (partial) Cash Short-term investments Accounts receivable Inventory Prepaid assets Total current assets Total current liabilities 4,932,000 6,555,000 20,821,000 571,000 $38,581,000 $18,084,000 (a) Calculate the (1) current ratio and (2) acid-test ratio. (Round current ratio to 1 decimal place, es 52.7 and add-test ratio to 2 decimal places, e3. 52.75.) 1. Current ratio

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