Nickolls Corporation has provided the following financial data: Cash $ 228,000 Accounts receivable, net $ 345,000...
Nickolls Corporation has provided the following financial data:
| Cash | $ | 228,000 | |||||||||
| Accounts receivable, net | $ | 345,000 | |||||||||
| Total current assets | $ | 809,000 | |||||||||
| Total current liabilities | $ | 247,000 | |||||||||
The company’s acid-test (quick) ratio is closest to:
Multiple Choice
-
3.28
-
2.32
-
3.30
-
2.67
Homework Answers
Answer
- Quick assets = Total current assets – Prepaid expenses and Inventory
- Here, Quick assets would be Cash + Accounts receivables
= $ 228000 + 345000
= $ 573,000 - Current Liabilities = $ 247000
- Acid test ratio = Quick assets / Current Liabilities
= $ 573000 / 247000
= 2.32 - Correct Answer = Option #2: 2.32
Add Answer to:
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