Items (a) through (d) are based on the following information:SHARKEY CORPORATIONSelected Financial D

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Items (a) through (d) are based on the following information:SHARKEY CORPORATIONSelected Financial DataAs of December 31,20092008Cash$8,000$60,000Marketable securities32,0008,000Accounts receivable40,000110,000Inventory80,000140,000Net property, plant, and equipment240,000280,000Accounts payable60,000100,000Short-term notes payable30,00050,000Cash sales1,500,0001,400,000Credit sales600,000900,000Cost of goods sold1,260,0001,403,000Required Answer the following multiple-choice questions:a. Sharkey’s acid-test ratio as of December 31, 2009, is1. 0.63.2. 0.70.3. 0.89.4. 0.99.b. Sharkey’s receivables turnover for 2009 is1. 8 times.2. 6 times.3. 12 times.4. 14 times.c. Sharkey’s inventory turnover for 2009 is1. 11.45 times.2. 10.50 times.3. 9.85 times.4. 8.45 times.d. Sharkey’s current ratio at December 31, 2009, is1. 1.40.2. 2.60.3. 1.90.4. 1.78.e. If current assets exceed current liabilities, payments to creditors made on the last day of the year will1. Decrease current ratio.2. Increase current ratio.3. Decrease working capital.4. Increase working capital.

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