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Balance Sheet Current assets Cash 1,050,000 Acc receivable not given Inventories 1,500,000 Fixed assets 4,280,000 TOTAL...

Balance Sheet Current assets Cash 1,050,000 Acc receivable not given Inventories 1,500,000 Fixed assets 4,280,000 TOTAL ASSETS 7,500,000 Current liabilities Acc payable not given Long-term debt 2,300,000 Common stock 600,000 Retained earnings 3,960,000 TOTAL LIAB and EQUITY 7,500,000 Income Statement Sales 22,500,000 Operating expense 18,680,000 EBIT 3,820,000 Interest expense 230,000 EBT 3,590,000 Taxes 1,436,000 Net income 2,154,000 What is the firm's quick ratio?

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Expert Solution

Quick Ratio =                2.69
Workings:
Assets :
Current Assets
Cash $ 10,50,000
Accounts receivable (balancing figure) $   6,70,000
Inventories $ 15,00,000
Fixed assets $ 42,80,000
Total Assets $ 75,00,000
Current Liabilities
Account payable (balancing figure) $   6,40,000
Long - term Liabilities $ 23,00,000
Common stock $   6,00,000
Retained earnings $ 39,60,000
Total Liabilities and Stockholders Equity $ 75,00,000
Quick Assets:
Cash = $ 10,50,000
Accounts receivables = $   6,70,000
Total = $ 17,20,000
Current Laibilities:
Accounts payables = $   6,40,000
Total = $   6,40,000
Quick Ratio = Quick Assets / Current Laibilities
= $1720000 / $640000
=                2.69

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