The following statements are Balance sheet and Income Statement of Starbucks Corporation. Industry averages of various ratios follow. Current assets STARBUCKS CORPORATION CONSOLIDATED BALANCE SHEETS (in millions, except per share data) ASSETS Oct L Oct 3816 Cash and cash equivalents 2.462.3 $ 21383 Short-term investments 228.6 1344 Accounts receivable, net 8704 7688 Inventories 1.364.0 13785 Prepaid expenses and other current assets 3581 347A Total curent assets 52834 4.757.9 Long-term investments 5423 1,1417 Equity and cost investments 481.6 354.5 Property, plant and equipment, Deferred income taxes, net 4.919.5 4.533.3 795.4 $85.4 Other long-tems assets 3628 403.3 Other intangible assets 4414 5163 Goodwill 13392 1,7196 TOTAL ASSETS 14365.6 S 143125 LIABILITIES AND EQUITY Current liabilities Accounts payable 7625 S 730 Accrued liabilities 19345 1999.1 Ice reserves 2152 246.0 Stored value card liability 1.2885 1.171.2 Carret portion of long-term debt 399.9 Total carent liabilities 4.2307 45463 Long-debe 3.9326 33853 Other long-tems liabilities 7553 6897 Total liabilities 8,9086 1421 Shareholders' equity Common stock (30.001 par val)-authorized 2,400.0 dare issued and outstanding 14310 and 1,450.5 shares, respectively 14 15 Additional paid-in capital 411 41.1 Additional paid-in capital 41.1 41.1 Retained earnings 5.563.2 5.949.3 Accumulated other comprehensive loss (155.6) (108.4) Total shareholders' equity 5,450.1 5.884.0 Noncontrolling interests 6.9 6.7 Total equity 5,457.0 5.890.7 TOTAL LIABILITIES AND EQUITY 14.365.6 S 14312.5 Decal Your Entel Net revenues STARBUCKS CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (in millions, except per share data) OL Our 2 Company-operated stores $ 17.650.7 $ 163441 $ 15.197.3 Licensed stores 2.355.0 2.164.2 1.861.9 CPO, foodservice and other 2.381.1 23176 2.103.5 Total net revenues 22.3868 21.3159 19.1627 Cost of sales including occupancy costs 90382 8.5111 7,787.5 Store operating expenses 6,493.3 60643 5,4111 Other operating expenses 5538 5454 5224 Depreciation and amortization expenses 1,0114 980.8 893.9 General and administrative expemes 1393.3 13606 1,1967 Restructuring and impairment 153.5 Total operating expenses 18,6435 174622 15811.6 Income from equity investees 3914 3182 249.9 Operating income 4.134.7 41719 1,6010 Gain resulting from acquisition of joint venture 3906 Low on extinguishment of debt (611) literest income and ober, net 2753 106.0 430 Interest expense (925) (813) (70.5) Eanings before income ta 4317.5 4.1986 19010 Income tax expe 14126 1379.7 1.143.7 Net enings including strolling interes 28849 2.8189 27593 Net eamings atributable to noncontrolling interests Net eanings atributable to Starbucks 02 12 19 28847 S 23177 2,7574 Fanings per share 199 S 191 LM4 197 S 1.00 $ 182 Interest income and other, net Interest expense Eamings before income taxes Income tax expense 275.3 108.0 43.0 (925) (81.3) (70.5) 4.317.5 4.198.6 3.903.0 14326 1,379.7 1.143.7 Net carnings including noncontrolling interests 2.8849 2.818.9 2,759.3 Net earnings attributable to noncontrolling interests 0.2 12 19 Net earnings attributable to Starbucks $ 2.884.7 2.817.7 S 2757A Earnings per share-basic 1.99 $ 1.91 $ 134 Earnings per share-diluted Weighted average shares outstanding 1.97 $ 1.90 $ 1.82 Basic Diluted 1,449,5 14716 1,4959 1,461.5 1,4867 1.5134 Ratios Industry Averages Current Ratio 0.93 Quick Ratio 0.38 Net Profit Margin 4.04% Asset Turnover 2.39 Return on Assets 8.72% Return on Equity 21.54% Using the information provided, calculate the following ratios for 2017 and comment briefly on the liquidity of Starbucks Corporation compared to industry averages. Moreover, make conclusions in terms of the creditor's point of view. QUESTION: Calculate quick Ratio and briefly discuss its implication