CPA · Question 47 · Area I: Financial Reporting
Granite Corp. has the following current assets and current liabilities:<br/>- Accounts receivable: $180,000<br/>- Inventory: $220,000<br/>- Prepaid expenses: $40,000<br/>- Accounts payable: $160,000<br/>- Accrued wages: $50,000<br/>- Current portion of long-term debt: $90,000<br/><br/>What is Granite's quick ratio (acid-test ratio)?
Answer options:
0.60
0.73
1.33
1.47
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