In: Accounting
Selected financial data from Barrymore Co. are
As of December 31 | |
Cash | $75,000 |
Accounts receivable (net) | 225,000 |
Merchandise inventory | 270,000 |
Trading securities (current) | 40,000 |
Land and building (net) | 500,000 |
Mortgage payable-current portion | 30,000 |
Accounts payable and accrued liabilities |
2,000 |
Short-term notes payable | 50,000 |
Year Ended December 31 | |
Sales | $1,500,000 |
Cost of goods sold |
900,000 |
Barrymore’s quick (acid-test) ratio as of December 31 is