Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance Sheet Current assets Cash 870,000 Acc receivable not given Inventories 1,050,000 Fixed assets 3,220,000 TOTAL ASSETS 6,200,000 Current liabilities Acc payable not given Long-term
Balance Sheet Current assets Cash 870,000 Acc receivable not given Inventories 1,050,000 Fixed assets 3,220,000 TOTAL ASSETS 6,200,000 Current liabilities Acc payable not given Long-term debt 1,900,000 Common stock 680,000 Retained earnings 3,190,000 TOTAL LIAB and EQUITY 6,200,000 Income Statement Sales 18,600,000 Operating expense 14,320,000 EBIT 4,280,000 Interest expense 266,000 EBT 4,014,000 Taxes 1,606,000 Net income 2,408,000 What is the firm's quick ratio?
options:
A 6.93
B 4.49
C 4.45
D 0.83
E 1.28
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started