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Using the following year-end information for Calvin’s Clothing, calculate the current ratio and acid-test ratio for...

Using the following year-end information for Calvin’s Clothing, calculate the current ratio and acid-test ratio for the business:

Cash $ 59,140
Short-term investments 15,000
Accounts receivable 60,000
Inventory 290,000
Prepaid expenses 6,520
Accounts payable 109,000
Other current payables 32,200
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