What is the acid test ratio of Edward Co given the information in the table?
$
Receivables
158,000
Inventories
20,000
Short term investments
18,000
Trade payables
61,000
Bank overdraft
64,000
Corporate income tax payable
10,000
Deposits received in advance
5,000
The correct answer is: 1.26:1.
(Receivables + short term investments) are divided by (trade payables, overdraft, taxes payable + deposits in advance).
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