The following information is available for Flanders and its two main competitors in the industry,...
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Accounting
The following information is available for Flanders and its two main competitors in the industry, Sanders and Anders:
|
| Flanders | Sanders | Anders |
| Cash | $ 9,800 | $10,500 | $26,500 |
| Short-term investments | 6,400 | 8,200 | 12,500 |
| Accounts receivable | 12,500 | 8,500 | 14,350 |
| Merchandise inventory | 30,150 | 40,000 | 40,150 |
| Prepaid expense | 900 | 6,750 | 2,450 |
| Accounts payable | 19,400 | 13,750 | 26,800 |
| Salaries payable | 1,200 | 3,500 | 6,250 |
| Other current payables | 600 | 1,200 | 2,150 |
Required:
- Calculate the current ratio and acid-test ratio for each firm.
Flanders Sanders Anders
Current ratio:
Acid test Ratio:
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