se the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,495 Accounts receivable 64,133 Accrued liabilities 6,993 Cash 21,465 Intangible assets 40,744 Inventory 89,481 Long-term investments 112,445 Long-term liabilities 70,738 Notes payable (short-term) 25,963 Property, plant, and equipment 664,167 Prepaid expenses 1,026 Temporary investments 30,035 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?
se the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $26,495 Accounts receivable 64,133 Accrued liabilities 6,993 Cash 21,465 Intangible assets 40,744 Inventory 89,481 Long-term investments 112,445 Long-term liabilities 70,738 Notes payable (short-term) 25,963 Property, plant, and equipment 664,167 Prepaid expenses 1,026 Temporary investments 30,035 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
se the information provided for Harding Company to answer the question that follow.
Harding Company
Accounts payable $26,495
Accounts receivable 64,133
Accrued liabilities 6,993
Cash 21,465
Intangible assets 40,744
Inventory 89,481
Long-term investments 112,445
Long-term liabilities 70,738
Notes payable (short-term) 25,963
Property, plant, and equipment 664,167
Prepaid expenses 1,026
Temporary investments 30,035
Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)?
Expert Solution
Step 1
The quick ratio can be calculated by dividing the quick assets by current liabilities. The quick assets are considered as more liquid assets in comparison to current assets. So quick assets can be calculated by adding up all the current assets excluding cash and prepaid account.
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