Question
Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 8,950 Less: Cost of goods sold
Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 8,950 Less: Cost of goods sold 7,410 Less: Depreciation 430 Earnings before interest and taxes $ 1,110 Less: Interest paid 90 Taxable Income $ 1,020 Less: Taxes 357 Net income $ 663 Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 2009 2010 Cash $ 160 $ 190 Accounts payable $ 1,090 $ 1,210 Accounts rec. 860 760 Long-term debt 1,030 1,230 Inventory 1,600 1,590 Common stock $ 3,200 $ 3,040 Total $ 2,620 $ 2,540 Retained earnings 570 820 Net fixed assets 3,270 3,760 Total assets $ 5,890 $ 6,300 Total liab. & equity $ 5,890 $ 6,300 What is the quick ratio for 2010?
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