mis question in the app Solby Group borrows $120,000 for a short-term purpose. The loan will be repaid after 120 days, with Simpson repaying a total of $124,500. What is the approximate cost of credit using the APR, or annual percentage rate? (use a 360 days year) B I Type here to search QUESTION 4 Find the Current & Acid-Test Ratio WIN'S COMPANIES Balance Sheet May 31, 2012 and 2011 Assets 2012 2011 Liabilities Cash $ 2,000,000 $ 900,000 Total current liabilities Short-term investments 28,000,000 9,000,000 Long-term liabilities Accounts receivable 7,400,000 5,300,000 Total liabilities Inventory 6,900,000 8,200,000 Stockholders' Equity Other current assets 10,000,000 1,800,000 Common stock 2012 2011 $ 33,000,000 $13,100,000 12,300,000 10,600,000 $ 45,300,000 $ 23,700,000 $ 11,000,000 $ 11,000,000 Total current assets $ 54,300,000 $ 25,200,000 All other assets 34,000,000 26,000,000 Retained earnings 32,000,000 16,500,000 Total equity $ 43,000,000 $27,500,000 Total liabilities and equity $ 88,300,000 $ 51,200,000 Total assets $ 88,300,000 S 51,200,000