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sveta [45]
3 years ago
10

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 above data, what is the amount of quick assets?
Business
1 answer:
KIM [24]3 years ago
5 0

Answer:

The amount of quick assets is $98,000

Explanation:

All the current assets which can be quickly converted into cash are the quick assets. Inventory is not the p[art of this because it take much longer time to convert into cash than other current assets.

Cash                              $25,000

Accounts receivable    $35,000

Prepaid expenses        $2,000

Marketable securities  <u>$36,000</u>

Quick Assets               <u>$98,000</u>

Inventory 72,000 (excluded)

Following account are other than Current Accounts

Fixed Assets

Intangible assets 40,000

Long-term investments 100,000

Property, plant, and equipment 400,000

Liabilities

Long-term liabilities 75,000

Accrued liabilities 7,000

Accounts payable $ 30,000

Notes payable (short-term) 20,000

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