To follow are the balance sheets for Smith Corporation and selected comparative competitor data. (Click the icon to view the assets section of the balance sheet.) (Click the icon to view the liabilities and stockholders' equity sections of the balance sheet.) (Click the icon to view the quick (acid-test) ratios of other companies.) Use the data to answer the following questions. 1. Calculate Smith's quick (acid-test) ratio at December 31, 2018, and 2017. 2. Use the comparative information from the table given for Deegan, Inc., Lavallee Company, and Mason Foods Corporation. Is Smith's quick (acid-test) ratio for 2018 and 2017 strong, average, or weak in comparison? 1. Calculate Smith's quick (acid-test) ratio at December 31, 2018, and 2017. Select the formula and then enter the amounts to calculate the acid-test ratio. (Abbreviation used: ST = short-term. Cash* = Cash and cash equivalents. Net receivables** = Net current receivables. Enter the amounts in millions as provided to you in the problem. Round the ratios to two decimal places, X.XX.) + + ) Quick ratio 2018 + + ) / ) 2017 ( + = Choose from any list or enter any number in the input fields and then click Check Answer. ? part remaining Clear All Check Answer Data Table - se Dalance sheets fuapten) December 31, 2018 and 2017 d Increase (Decrease) Amount Percentage (Dollar amounts in millions) 2018 2017 Assets 1. Current assets: $ 1,260 $ 970 $ 290 29.9 % sh Se an pr Cash and cash equivalents Short-term investments Receivables, net 120 42 78 185.7 170 310 (45.2) Inventories 152 30 (140) 122 (132) 406.7 20 232 364 20 Prepaid expenses and other assets (36.3) 1,934 1,716 218 12.7 Total current assets Property, plant, and equipment, net Intangible assets 3, 174 3,170 4 0.1 828 242 29.2 1,070 860 760 Other assets 100 13.2 $ 7,038 $ 6,474 $ 564 Total assets 8.7 % Ch ? Print Done 1 TONTTOmg X - Data Table se Smith Corporation Balance Sheet (Adapted) d December 31, 2018 and 2017 Increase (Decrease) Amount Percentage 1. 2018 2017 (Dollar amounts in millions) Liabilities and Stockholders' Equity sh Se ar pr Current liabilities: $ 980 $ 840 $ 140 16.7 % Accounts payable Income tax payable 46 68 (22) (32.4) 20 Short-term debt 195 180 15 8.3 20 Other 69 74 (5) (6.8) 1,290 1,162 128 11.0 Total current liabilities Long-term debt 520 18.6 3,320 1,160 2,800 1,060 100 Other liabilities 9.4 Total liabilities 5,770 5,022 748 14.9 LLLLLLL Ch ? Print Done 1 TONTTOmg Data Table x 1 se Current liabilities: $ d 980 $ 840 $ 140 16.7 % Accounts payable Income tax payable Short-term debt 46 68 (22) (32.4) 195 180 15 8.3 69 74 1. Other (5) (6.8) Total current liabilities 1,290 1,162 128 11.0 sh SE an pr Long-term debt 520 18.6 3,320 1,160 2,800 1,060 100 Other liabilities 9.4 5,770 5,022 748 Total liabilities 14.9 20 Stockholders' equity: 20 Common stock 2 2 Retained earnings (214) (12.7) 1,466 (200) 1,680 (230) Accumulated other comprehensive (loss) 30 13.0 Total stockholders' equity 1,268 1,452 (184) (12.7) $ 7,038 $ 6,474 $ 564 Total liabilities and stockholders' equity 8.7 % Ch ? Print Done 1 TUTTOmiy To follow are the balance sheets for Smith Corporation and selected comparative competitor data. (Click the icon to view the assets section of the balance sheet.) (Click the icon to view the liabilities and stockholders' equity sections of the balance sheet.) A (Click the icon to view the quick (acid-test) ratios of other compl More Info Use the data to answer the following questions. 1. Calculate Smith's quick (acid-test) ratio at December 31, 2018, and 2017. 2. Use the comparative information from the table given for Deegan, Inc., Lavallee Company, and Mason Foods Corporation. Is Smith's quick (acid-test) ratio for 2018 and 2017 strong, average, or weak in comparison? 1. Calculate Smith Select the formula and cash equivale problem. Round til fm. Cash* = Cash you in the Quick (acid-test) Ratio 0.70 Company Deegan, Inc. (Utility) Lavallee Company (Department store) Mason Foods Corporation (Grocery store) 0.66 Quick ratio 2018 0.69 2017 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? part remaining Clear All Check