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
