2A2B SHOWN BELOW ARE BEGINNING AND ENDING BALANCES FOR CERTAIN OF GRI...
24.
CSO: 2A2a
LOS: 2A2b
Shown below are beginning and ending balances for certain of Grimaldi Inc.’s accounts.
January 1
December 31
Cash
$ 48,000
$ 62,000
Marketable securities
42,000
35,000
Accounts receivable
68,000
47,000
Inventory
125,000
138,000
Plant & equipment
325,000
424,000
Accounts payable
32,000
84,000
Accrued liabilities
14,000
11,000
7% bonds payable
95,000
77,000
Grimaldi’s acid test ratio or quick ratio at the end of the year is
a.
0.83.
b.
1.02.
c.
1.15.
d.
1.52.