Question: 1. Find the acid-test ratio for Carley's business if the balance sheet shows the following amounts: cash, $32,981; receivables, $12,045; marketable securities, $0; current liabilities, $22,178.
2. Find the operating ratio for Sol's Dry Goods if the income statement for the month shows net sales, $15,500; cost of goods sold, $7,500; gross profit, $8,000; operating expenses, $3,500; net income, $4,500. Express results to the nearest tenth of a percent.