Cook, Inc. has a current ratio of 1.8x on current liabilities of $200,000.
21. Cook, Inc. has a current ratio of 1.8x on current liabilities of $200,000. The firm has $36,000 of inventories. The firm will issue notes payable and use those funds to buy new inventories to meet the inventory requirement for the expansion. Cook’s debt holders specifies that it must maintain a quick ratio at least 1.20x, or else it is in default. How much new inventory can Cook raise before it violates its bond contracts?
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