Question
Quick Ratio Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous
Quick Ratio
Nabors Company reported the following current assets and liabilities for December 31 for two recent years:
| Dec. 31, Current Year | Dec. 31, Previous Year | |||
| Cash | $650 | $680 | ||
| Temporary investments | 1,500 | 1,550 | ||
| Accounts receivable | 700 | 770 | ||
| Inventory | 1,250 | 1,400 | ||
| Accounts payable | 2,375 | 2,000 | ||
a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place.
| Quick Ratio | |
| December 31, current year | |
| December 31, previous year |
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
International Accounting Standards Regulations Financial Reporting
Authors: Greg N. Gregoriou, Mohamed Gaber
1st Edition
0750669837, 978-0750669832
