Question
Galaxy United, Inc. 2009 Income Statement ($ in millions) Net sales $8,500 Less: Cost of goods sold 7,150 Less: Depreciation 400 Earnings before interest and
Galaxy United, Inc. 2009 Income Statement ($ in millions) Net sales $8,500 Less: Cost of goods sold 7,150 Less: Depreciation 400 Earnings before interest and taxes 950 Less: Interest paid 87 Taxable Income 863 Less: Taxes 302 Net income $ 561 Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in millions) 2008 2009 2008 2009 Cash $ 130 $ 150 Accounts payable $1,100 $1,140 Accounts rec. 930 780 Long-term debt 1,040 1,220 Inventory 1,480 1,520 Common stock $3,140 $2,940 Sub-total $2,540 $2,450 Retained earnings 510 770 Net fixed assets 3,250 3,620 Total assets $5,790 $6,070 Total liab. & equity $5,790 $6,070 What is the quick ratio for 2009?
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