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Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,880 Cost of goods sold 8,010
Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,880 Cost of goods sold 8,010 Depreciation 490 Earnings before interest and taxes $ 1,380 Interest paid 114 Taxable income $ 1,266 Taxes 266 Net income $ 1,000 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 280 $ 310 Accounts payable $ 1,570 $ 1,510 Accounts received 1,100 1,000 Long-term debt 1,150 1,350 Inventory 1,960 1,770 Common stock 3,440 3,400 Total $ 3,340 $ 3,080 Retained earnings 690 940 Net fixed assets 3,510 4,120 Total assets $ 6,850 $ 7,200 Total liabilities & equity $ 6,850 $ 7,200 What is the quick ratio for 2021? Multiple Choice .85 times .87
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