Crafter Company has the following assets and liabilities:Assets Cash$28,000Accounts receivable15,000Inventory20,000Equipment50,000 Liabilities Current portion of long-term debt$10,000Accounts payable2,000Long-term debt25,000Determine the quick ratio (rounded to one decimal point).

Name: Crafter Company has the following assets and liabilities:Assets Cash$
Uploaded: 2022-11-18T00:26:54.000Z
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Description: Crafter Company has the following assets and liabilities:Assets Cash$28,000Accounts receivable15,000Inventory20,000Equipment50,000 Liabilities Current portion of long-term debt$10,000Accounts payable2,000Long-term debt25,000Determine the quick rat

Quick ratio = Quick assets / Current liability) / Accounts payable

Answered: Crafter Company has the following…

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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Crafter Company has the following assets and liabilities:

Assets
Cash	$28,000
Accounts receivable	15,000
Inventory	20,000
Equipment	50,000

Liabilities
Current portion of long-term debt	$10,000
Accounts payable	2,000
Long-term debt	25,000

Determine the quick ratio (rounded to one decimal point).

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