Based on the following data, what is the amount of quick assets? Accounts payable $30,200 Accounts receivable 45,200 Accrued liabilities 7,100 Cash 20,200 Intangible assets 40,100 Merchandise inventory 72,100 Long-term investments 101,000 Long-term liabilities 75,300 Marketable securities 36,100 Notes payable (short-term) 20,100 Property, plant, and equipment 627,000 Prepaid expenses 2,300 a.$65,400 b.$173,600 c.$101,500 d.$175,900
Based on the following data, what is the amount of quick assets? Accounts payable $30,200 Accounts receivable 45,200 Accrued liabilities 7,100 Cash 20,200 Intangible assets 40,100 Merchandise inventory 72,100 Long-term investments 101,000 Long-term liabilities 75,300 Marketable securities 36,100 Notes payable (short-term) 20,100 Property, plant, and equipment 627,000 Prepaid expenses 2,300 a.$65,400 b.$173,600 c.$101,500 d.$175,900
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Based on the following data, what is the amount of quick assets?
| Accounts payable | $30,200 |
| 45,200 | |
| Accrued liabilities | 7,100 |
| Cash | 20,200 |
| Intangible assets | 40,100 |
| Merchandise inventory | 72,100 |
| Long-term investments | 101,000 |
| Long-term liabilities | 75,300 |
| Marketable securities | 36,100 |
| Notes payable (short-term) | 20,100 |
| Property, plant, and equipment | 627,000 |
| Prepaid expenses | 2,300 |
a.$65,400
b.$173,600
c.$101,500
d.$175,900
Expert Solution
Explanation -
Quick Assets -
Quick Assets are the assets which can be converted into cash very quickly. Those assets which gets converted into cash within a span of 1 year are called Current Assets.
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