Jen's has current assets of $2,200, cash of $400, and inventory of $1,300. The firm has accounts payable of $300, long-term debt
of $3,100, and accrued wages and taxes of $400. What is the quick ratio?
1 answer:
Answer:
1.29
Step-by-step explanation:
Data provided in the question:
Current assets = $2,200
cash = $400
Inventory = $1,300
Accounts payable = $300
long-term debt = $3,100
Accrued wages and taxes = $400
Now,
Quick ratio = [ Current assets - Inventory ] ÷ [ Current liabilities ]
also,
Current liabilities = Accounts payable + Accrued wages and taxes
= $300 + $400
= $700
or
Quick ratio = [ $2,200 - $1,300 ] ÷ $700
or
Quick ratio = $900 ÷ $700
= 1.29
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