Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales $10,000 $9,500 (5,500) (5,200) 4,500 4,300 Selling and administrative expenses (2,800) (2,700) 1,700 1,600 (300) (250) ,400 1,350 (420) (400) $980$950 Cost of goods sold Gross profit Income from operations Interest expense Income before income taxes Income tax expense Net income Smith and Sons, Inc. Balance Sheet (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory Other current assets Total current assets 2016 2015 $200 $400 800 650 250 2,000 2,100 900 500 400