The December 31 balance sheet of Occidental Company includes the following information: Cash $60,000 Short-term investments 30,000 Accounts Receivable 170,000 Inventory 180,000 Prepaid Expenses 40,000 Current Liabilities 200,000 Total Liabilities 600,000 What is Occidental's quick ratio at December 31? Select one: a. 0.8 b. 2.4 c. 1.3 d. 1.5 e. None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
The December 31 balance sheet of Occidental Company includes the following information:
Cash
$60,000
Short-term investments
30,000
Accounts Receivable
170,000
Inventory
180,000
Prepaid Expenses
40,000
Current Liabilities
200,000
Total Liabilities
600,000
What is Occidental's quick ratio at December 31?
Select one:
а. О.8
b. 2.4
С. 1.3
d. 1.5
e. None of the above
Transcribed Image Text:The December 31 balance sheet of Occidental Company includes the following information: Cash $60,000 Short-term investments 30,000 Accounts Receivable 170,000 Inventory 180,000 Prepaid Expenses 40,000 Current Liabilities 200,000 Total Liabilities 600,000 What is Occidental's quick ratio at December 31? Select one: а. О.8 b. 2.4 С. 1.3 d. 1.5 e. None of the above
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education