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24 – 16 Test Bank for Intermediate Accounting, Twelfth Edition Total current liabilities are $200,000. What is the acid-test ratio? A. 2.8 to 1. b. 2.5 to 1. c. 1.4 to 1. d. 0.8 to 1. *71. Lopez Company”s net accounts receivable were $600,000 at December 31, 2007 and $660,000 at December 31, 2008. Net cash sales for 2008 were $390,000. The accounts receivable turnover for 2008 was 7.0. What were Lopez”s total net sales for 2008? A. $2,730,000. B. $4,410,000. C. $4,800,000. D. $4,020,000. During 2008, Noble, Incorporated purchased $3,200,000 of inventory. The cost of goods sold for 2008 was $3,600,000 and the ending inventory at December 31, 2008, was $400,000. What was the inventory turnover for 2008? A. 5.3. B. 8.0. C. 6.0. D. 9.0.
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