Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 9,880 Less: Cost of goods sold 8,010 Less: Depreciation 490 Earnings before interest and
Windswept, Inc. 2010 Income Statement ($ in millions) | |
Net sales | $ 9,880 |
Less: Cost of goods sold | 8,010 |
Less: Depreciation | 490 |
Earnings before interest and taxes | $ 1,380 |
Less: Interest paid | 114 |
Taxable Income | $ 1,266 |
Less: Taxes | 443 |
Net income | $ 823 |
Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) | |||||
2009 | 2010 | 2009 | 2010 | ||
Cash | $ 280 | $ 310 | Accounts payable | $ 1,570 | $ 1,510 |
Accounts rec. | 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 liab. & equity | $ 6,850 | $ 7,200
|
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