Los Altos, Inc.

Income Statement

For Years Ended December $31,2020$ and $2019$

$($in millions$)20202019$

Net sales $$16,000$ $$15,200$

Cost of goods sold $8,2507,800$

Gross profit $7,7507,400$

Selling and administrative expenses $4,2004,050$

Income from operations $3,5503,350$

Interest expense $450375$

Income before income taxes $3,1002,975$

Income tax expense $630600$

Net income $$2,470$ $$2,375$

Los Altos, Inc.

Balance Sheet

December $31,2020$ and $2019$

$($in millions$)20202019$

Assets

Current assets

Cash and cash equivalents $$300$ $$600$

Accounts receivable $1,3501,200$

Inventory $750975$

Other current assets $600375$

Total current assets $3,0003,150$

Property, plant, & equipment $($net$)3,9003,750$

Other assets $8,5508,850$

Total assets $$15,450$ $$15,750$

Liabilities and Stockholders' Equity

Current liabilities $$5,100$ $$4,930$

Long$-$term liabilities $8,5009,180$

Total liabilities $13,60014,110$

Stockholders' equity $-$ common $1,8501,640$

Total Liabilities and Stockholders' Equity $$15,450$ $$15,750$

Calculate the quick ratio for Los Altos, Inc., for both years, using the financial statements displayed below. Round to nearest hundredth.