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information from greg company s balance sheet follows current assets cash 4237329

Information from Greg Company’s balance sheet follows:Current assets:Cash ……………….. $ 2,100,000Marketable securities …………. 7,200,000Accounts receivable …………… 50,500,000Inventories …………….. 65,000,000Prepaid expenses ……………. 1,000,000Total current assets …………… $125,800,000 Current liabilities:Notes payable ……………… $ 1,400,000Accounts payable ……………. 18,000,000Accrued expenses …………… 11,000,000Income taxes payable …………. 600,000Payments due within one year on long-term debt .. 3,000,000Total current liabilities ………….. $ 34,000,000Required Answer the following multiple-choice questions:a. What is the acid-test ratio for Greg Company?1. 1.602. 1.763. 1.904. 2.20b. What is the effect of the collection of accounts receivable on the current ratio and net working capital, respectively?Current Ratio Net Working Capital1. No effect No effect2. Increase Increase3. Increase No effect4. No effect IncreaseView Solution:
Information from Greg Company s balance sheet follows Current a

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