The Amos Corporation reported the following income statement and balance sheet amounts and additional information...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) Cost of goods sold Gross profit Selling/general expenses Interest expense Net Income $1,420,000 $925,000 $495,000 $280,000 $42,000 $173,000 Current assets Long-term assets Total assets Current liabilities $115,000 $510,000 $625,000 S59.000 $82,000 $440,000 $522,000 52.000 otai assets Current liabilities Long -term liabilities Common stockholders' equity Total liabilities and stockholders' equity $59,000 $273,000 $293,000 $625,000 52,000 $245,000 $225,000 $522,000 Inventory and prepaid expenses account for $30,000 of the current year's current assets. Average inventory for the current year is S36,250 Average net accounts receivable for the current year is $45,000. There are 35,000 shares of common stock outstanding. Total dividends paid during the current year were $17,000 The market price per share of common stock is $20 What is the acid-test ratio for the current year? O A. 0.6 OB. 1.44 O C. 1.5 O D. 12.3
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
