Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets...

Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 100,000 Long-term liabilities 75,000 Marketable securities 36,000 Notes payable (short-term) 20,000 Property, plant, and equipment 400,000 Prepaid expenses 2,000 Based on the data for Privett Company, what is the amount of quick assets? $61,000 $60,000 $96,000 $168,000

Expert Solution

Answer)

Quick assets means those assets owned by the company that can be readily converted into cash.

In the given question, the company has the following current assets:

	Total
Accounts receivable	$ 35,000
Cash	$ 25,000
Inventory	$ 72,000
Marketable Securities	$ 36,000
Prepaid expenses	$ 2,000

Of the above current assets, inventory and prepaid expenses are not readily convertible into cash and thus are not part of quick assets. Accordingly, quick assets can be calculated as follows:

Quick Assets = Accounts receivable + Cash + Marketable securities

= $ 35,000 + $ 25,000 + $ 36,000

= $ 96,000

Therefore the amount of quick assets of the company is $ 96,000.

ekkarill92 answered 2 years ago

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