Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670 Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 What is the quick ratio for 2022?
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670 Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 What is the quick ratio for 2022?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Use the following information to answer this question.
| Windswept, Incorporated | |
| 2022 Income Statement | |
| (in millions) | |
| Net sales | $ 8,650 |
|---|---|
| Cost of goods sold | 7,260 |
| 415 | |
| Earnings before interest and taxes | $ 975 |
| Interest paid | 84 |
| Taxable income | $ 891 |
| Taxes | 312 |
| Net income | $ 579 |
| Windswept, Incorporated | |||||
| 2021 and 2022 |
|||||
| (in millions) | |||||
| 2021 | 2022 | 2021 | 2022 | ||
|---|---|---|---|---|---|
| Cash | $ 130 | $ 160 | Accounts payable | $ 970 | $ 1,135 |
| Accounts receivable | 800 | 700 | Long-term debt | 1,000 | 1,200 |
| Inventory | 1,510 | 1,545 | Common stock | 3,140 | 2,950 |
| Total | $ 2,440 | $ 2,405 | 540 | 790 | |
| Net fixed assets | 3,210 | 3,670 | |||
| Total assets | $ 5,650 | $ 6,075 | Total liabilities & equity | $ 5,650 | $ 6,075 |
What is the quick ratio for 2022?
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