Question

Privett Company Accounts payable $33,264 Accounts receivable 67,719 Accrued liabilities 6,039 Cash 20,980 Intangible assets 39,936 Inventory 76,310 Long-term investments 90,129 Long-term liabilities 73,885 Marketable securities 30,533 Notes payable (short-term) 28,486 Property, plant, and equipment 605,981 Prepaid expenses 2,099 Based on the data for Privett Company, what is the amount of quick assets? a.$51,513 b.$119,232 c.$1,469,850 d.$733,804

Answer 1

The total amount of quick assets is equal to $119,232. therefore, Option B is the correct statement.

What are Quick Assets?

Quick assets encompass cash available or current assets like accounts receivable that may be transformed to cash with minimum or no discounting.

Companies have a tendency to use the short assets to cover short-time period liabilities as they arrive up, so speedy conversion into cash (excessive liquidity) is critical.

Inventories and prepaid expenses aren't quick assets due to the fact they may be hard to transform into cash, and deep discounts are sometimes needed to do so.

The amount of quick assets is equal to Accounts receivable plus Cash plus Marketable securities.

Quick assets = $67,719 + $20,980 + $30,533

Quick assets = $119,232

Hence, the total amount of quick assets is equal to $119,232. Option B is the correct statement.

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