Homework Answers
Answer:
| 1. Account payable is current liability and temporary investments are marketable securities. |
| December 31, Current year: |
| Quick ratio = (Cash + Marketable securities + Receivables )/ Current Liabilities |
| = (810 + 1780 + 4070) / 3700 = 1.80 |
| December 31, Previous year: |
| Quick ratio = (Cash + Marketable securities + Receivables) / Current Liabilities |
| = 1040 + 2320 + 1570 / 2900 = 1.70 |
| 2.Quick ratio is Improving. |
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Nabors Company reported the following current assets and liabilities for December 31 for two recent years: Dec. 31, Current Year Dec. 31, Previous Year Cash Temporary investments $1,210 2,640 $1,170 2,630 Accounts receivable 2,200 1,790 Inventory 1,980 1,940 Accounts payable Required: 5,500 4,300 a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place. Quick Ratio December 31, current year December 31, previous year b. Is the quick ratio improving or...
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