Jones corp. reported current assets of $187,000 and current liabilities of $132,000 on its most recent balance sheet. the current assets consisted of $63,200 cash; $44,800 accounts receivable; and $79,000 of inventory. the acid-test (quick) ratio is:

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?