Lisa Inc.'s balance sheet appears below:
The company's sales for the year were $300,000, its cost of goods sold was $220,000, and its net income was $35,000. All sales were on credit. Dividends paid on preferred shares for the year were $5,000.

-Lisa Inc.'s acid-test (quick)ratio at December 31,Year 2,was closest to which of the following?

Question

Lisa Inc.'s balance sheet appears below:
The company's sales for the year were $300,000, its cost of goods sold was $220,000, and its net income was $35,000. All sales were on credit. Dividends paid on preferred shares for the year were $5,000.

-Lisa Inc.'s acid-test (quick)ratio at December 31,Year 2,was closest to which of the following?

Quizplus · Accepted Answer

The acid-test (quick) ratio is calculated by dividing the company's quick assets (cash and equivalents, marketable securities, and accounts receivable) by its current liabilities. Without specific financial data provided for Lisa Inc., it's not possible to calculate the exact ratio. However, the correct answer would typically be based on standard financial analysis principles or specific information given in a detailed question scenario. Since no data is provided, a direct calculation or specific choice justification cannot be given.

Lisa Inc.'s Balance Sheet Appears Below