Lia's Swim Shoppe has current liabilities of $$ \$ 298,100 $$; cash in the amount $$ \$ 52,500 $$; securities valued at $$ \$ 95,400 $$; and accounts receivable of $$ \$ 158,200 $$. Calculate the acid test ratio. (Round to the nearest hundredth.) Select one:

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We first identify the quick assets used in the acid test ratio:

$$
\text{Quick Assets} = \text{Cash} + \text{Securities} + \text{Accounts Receivable}
$$

Substituting the given values:

$$
\text{Quick Assets} = \$52,\!500 + \$95,\!400 + \$158,\!200 = \$306,\!100
$$

The acid test ratio is then calculated as:

$$
\text{Acid Test Ratio} = \frac{\text{Quick Assets}}{\text{Current Liabilities}} = \frac{\$306,\!100}{\$298,\!100} \approx 1.027
$$

Rounding to the nearest hundredth, the acid test ratio is:

$$
\boxed{1.03}
$$
The acid test ratio is 1.03.

Lia’s Swim Shoppe has current liabilities of ; cash in the amount ; securities valued at ; and accounts receivable of .
Calculate the acid test ratio. (Round to the nearest hundredth.)
Select one:

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Lia’s Swim Shoppe has current liabilities of ; cash in the amount ; securities valued at ; and accounts receivable of . Calculate the acid test ratio. (Round to the nearest hundredth.) Select one: