Financial data for ABC Corporation as of December 31, 2018 are given below: Cash$2,500,000 Accounts receivable$3,200,000 Inventory$1,500,000
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Question:
Financial data for ABC Corporation as of December 31, 2018 are given below:
Cash$2,500,000
Accounts receivable$3,200,000
Inventory$1,500,000
Plant and Equipment$5,000,000
AccountsPayable$4,000,000
Sales (AllCredit)$9,500,000
Based on the information above, the Quick or Acid-test ratio for ABC in 2018 is closest to?
A. 0.38
B. 1.80
C. 1.43
D. 3.05
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