Using the following year-end information for Calvins Clothing, calculate the current ratio and acid-test ratio...
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Accounting
Using the following year-end information for Calvins Clothing, calculate the current ratio and acid-test ratio for the business:
| Cash | $ 53,960 |
| Short-term investments | 11,000 |
| Accounts receivable | 52,000 |
| Inventory | 210,000 |
| Prepaid expenses | 6,240 |
| Accounts payable | 105,000 |
| Other current payables | 31,000 |
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