168. Crystal, Inc. Crystal, Inc. reported $52,000 of net income for 2014. Crystal's balance sheet at December 31, 2014 includes the following amounts: Wages payable $ 1,000 Inventory $26,000 Prepaid rent 3,000 Land 40,000 Cash 15,000 Accounts receivable 22,000 Accounts payable 25,000 Capital stock 40,000 Retained earnings 29,000 Income taxes payable 11,000 Read the information about Crystal, Inc. Which item is most "liquid"? Why is liquidity important? | |
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