compute current ratio and acid test
Simon Companyâ€s year-end balance sheets follow.
At December 31
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2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
1. Compute the current ratio for the year ended 2017, 2016, and 2015.2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.
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