Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 10,160 Cost of goods sold 8,210

Use the following information to answer this question.

Windswept, Inc. 2017 Income Statement ($ in millions)
Net sales $ 10,160
Cost of goods sold 8,210
Depreciation 510
Earnings before interest and taxes $ 1,440
Interest paid 122
Taxable income $ 1,318
Taxes 461
Net income $ 857

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $ 320 $ 350 Accounts payable $ 1,730 $ 1,610
Accounts rec. 1,180 1,080 Long-term debt 1,190 1,390
Inventory 2,080 1,830 Common stock 3,520 3,520
Total $ 3,580 $ 3,260 Retained earnings 730 980
Net fixed assets 3,590 4,240
Total assets $ 7,170 $ 7,500 Total liab. & equity $ 7,170 $ 7,500

What is the quick ratio for 2017?

.89 times

1.81 times

1.14 times

.88 times

2.02 times

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Consumer Finance Research

Authors: Jing J. Xiao

1st Edition

1441926046, 978-1441926043

More Books

Students also viewed these Finance questions

Question

General Purpose of Your Speech Analyzing Your Audience

Answered: 1 week ago

Question

Ethical Speaking: Taking Responsibility for Your Speech?

Answered: 1 week ago