Calculate Quick Ratio 1.96 .96 O 1.02 .88 The Cwazy Wabbit Company Balance Sheet as of 12/31/2020 ASSETS Current Assets: Cash/Marketable Securities $ 10,000 Accounts Receivable 80,000 Inventory 110,000 Total Current Assets $ 200,000 Fixed Assets (Net of Accumulated Depr) 152,000 Other Assets 4,000 TOTAL ASSETS $356,000 LIABILITIES AND STOCKHOLDERS EQUITY Current Liabilities Accounts Payable $ 74,000 Notes Payable 24,000 Accrued Expenses 4000 Total Current Liabilities $102,000 Long Term Debt $100,000 Total Debt $202,000 Owners Equity Common Stock (25,000 shares outstanding @$1 par) 25.000 Retained Earnings 129.000 Total Equity $154,000 TOTAL LIABILITIES & STOCKHOLDERS EQUITY $356.000 The Cwazy Wabbit Company Income Statement for the year 1/1/2020 - 12/31/2020 Sales (50,000 units @ $30 price) $1,500,000 Cost of Goods Sold (50,000 units $20.10 Variable Cost per unit) $1,005,000 Fixed Costs 177,500 EBIT 317,500 Interest Expense 163,240 Earnings Before Tax 154,260 Taxes (28%) 43,193 Net Income $ 111,067 Dividends declared and paid Current Stock Price as of June 1.2021 44.108 $30.00