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12. The following account balance information is available as of December 31, 20X4 for XYZ Co.:
Cash$240,000
Accounts receivable....$560,000
Marketable securities..$400,000
Prepaid insurance....$300,000
Equipment (net)...$3,300,000
Current liabilities (total).....$300,000
Long-term liabilities (total).$1,600,000
Common stock.....$2,000,000
Retained earnings...$900,000
What is XYZ Co.s quick or acid-test ratio?
a. 5.00
b. 6.00
4.00
3.00
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