The financial statements for Myers Service Company include the following items
asked Sep 23, 2015 in Business by Katia
2017 2016
Cash $51,500 $49,000
Short-term Investments 27,000 13,500
Net Accounts Receivable 55,000 52,000
Merchandise Inventory 131,000 47,000
Total Assets 528,000 553,000
Accounts Payable 129,500 124,000
Salaries Payable 23,000 19,000
Long-term Note Payable 60,000 60,000
Compute the acid-test ratio for 2016. (Round your answer to two decimal places)
A) 0.88
B) 0.80
C) 0.92
D) 0.71