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Delvig [45]
3 years ago
8

Act II Costumes currently has $120,000 in cash, $340,000 in inventory, and $20,000 in accounts receivable. The company also has

$20,000 in accounts payable, and $20,000 in other current liabilities. What is its quick ratio?
Business
1 answer:
Len [333]3 years ago
5 0

Answer:

Quick ratio = Current assets - Inventory/Current liabilities

= $480,000 - $340,000/$40,000

= 3.5

Current assets = $120,000 + $340,000 + $20,000 = $480,000

Current liabilities = $20,000 + $20,000 = $40,000

Explanation:

Explanation: Quick ratio is the ratio of liquid assets to current liabilities. Liquid assets are current assets less inventory. Liquid assets amounted to $140,000 while current liabilities are $40,000. The division of liquid assets by current liabilities gives quick ratio.                                                                                                                      

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