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Shown below are selected items appearing in a recent balance sheet of Grant Products. (Dollar amounts are in thousands.) Cash and cash equivalents $620
Shown below are selected items appearing in a recent balance sheet of Grant Products. (Dollar amounts are in thousands.) Cash and cash equivalents $620 Investments in marketable securities $300 Receivables $1,400 Inventories $1,100 Prepaid expense and other current assets $450 Plant and equipment $3,300 Accounts payable $1,600 Bank loans payable within one year HE$300 Income taxes payable $300 $1,700 Retained earnings (a) Compute the following: (1) Total quick assets $ (2) Total current assets $ (3) Total current liabilities $ (4) Acid Test Ratio (5) Current ratio to 1 to 1 (b) Research indicates an industry average Acid Test Ratio is 1.3 to 1, and a current ratio of 2.3 to
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