Question

In: Finance

Category 2014 2015 Accounts payable 16,200 ???? Accounts receivable 48,600 44,500 Accruals 24,300 16,200 Cash 81,000...

Category

2014

2015

Accounts payable

16,200

????

Accounts receivable

48,600

44,500

Accruals

24,300

16,200

Cash

81,000

98,000

Common Stock

64,800

81,000

COGS

56,700

64,800

Depreciation expense

0

4,300

Gross fixed assets

121,500

????

Interest expense

6,400

8,100

Inventories

40,500

60,800

Long-term debt

81,000

89,100

Net fixed assets

101,500

121,500

Notes payable

44,800

37,200

Operating expenses (excl. depr.)

12,100

16,200

Retained earnings

40,500

60,800

Sales

105,300

121,500

Taxes

4,860

6,480

Solve: Please show me the steps

The quick ratio in 2015 was ______.

1.517

1.523

1.534

1.543

1.550

Solutions

Expert Solution

The quick ratio measures the ability of company to pay its current liabilities when they come due with only quick assets.
Quick assets are the current assets that can be converted to cash within 90 days.
The formula to calculate quick ratio is as under,
Quick ratio = [Cash + Cash equivalents + Short term investments + Current receivables) / Current liabilities
Balance sheet for 2015
Liabilities and equity Assets
Accounts Payable (balancing figure) 40500 Accounts Receivable 44500
Accruals 16200 Cash 98000
Notes Payable 37200 Inventories 60800
Total Current Liabilities 93900 Total Current Assets 203300
Long term debt 89100 Net Fixed assets 121500
Common stock 81000
Retained Earnings 60800
324800 324800
Quick ratio for 2015 = [$98000 + $44500) / [$40500 + $16200+$37200]
Quick ratio for 2015 = 1.517

jeff jeffy answered 1 year ago
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