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Dennisport Corporation has an acid-test ratio of 2.5. It has current liabilities of $40,000 and...

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Accounting

Dennisport Corporation has an acid-test ratio of 2.5. It has current liabilities of $40,000 and noncurrent assets of $70,000. The corporation's current assets consist of cash, marketable securities, accounts receivable, prepaid expenses, and inventory. If Dennisport's current ratio is 3.1, its inventory and prepaid expenses must be:
Multiple Choice
$12,400
$24,000
$30,000
$40,000

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