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Compute the quick rati

Compute the quick rati

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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c. Compute the quick ratio for each company. Round your answers to one decimal place. Abercrombie: The Gap: Current assets: Analyze and compare Abercrombie & Fitch and The Gap Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in thousands): Cash Accounts receivable Inventories X Other current assets Total current assets Current liabilities: Accounts payable Other current liabilities Total current liabilities X Abercrombie & Fitch The Gap $723,135 $1,364,000 73,112 290,000 437,879 2,156,000 101,824 706,000 $1,335,950 $4,516,000 $226,878 332,039 $558,917 $1,174,000 2,035,000 $3,209,000
Transcribed Image Text:c. Compute the quick ratio for each company. Round your answers to one decimal place. Abercrombie: The Gap: Current assets: Analyze and compare Abercrombie & Fitch and The Gap Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in thousands): Cash Accounts receivable Inventories X Other current assets Total current assets Current liabilities: Accounts payable Other current liabilities Total current liabilities X Abercrombie & Fitch The Gap $723,135 $1,364,000 73,112 290,000 437,879 2,156,000 101,824 706,000 $1,335,950 $4,516,000 $226,878 332,039 $558,917 $1,174,000 2,035,000 $3,209,000
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