What is the company’s quick ratio?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the company’s quick ratio?
![The following are the ledgers of XYZ Company for the year ended December 31, 2017.
Net Sales
1,890,540.00
Cash
60,100.00
Cost of Goods Sold
1,058,540.00
Short-term Investments
74,000.00
Accounts Receivable
Operating Expenses
Interest Expense
506,000.00
107,800.00
25,000.00
Merchandise Inventory
133,000.00
Income Tax Expense
86,000.00
Machineries, net
615,300.00
Accounts Payable
Income Taxes Payable
Long-term Notes Payable
Owner's Equity
160,000.00
43,500.00
210,000.00
576,700.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa2a1f3a8-8a72-4f05-b66d-2e3840169a2c%2F924e035f-00d5-4512-8636-1d686355aa35%2Fe95fmzy_processed.png&w=3840&q=75)
Transcribed Image Text:The following are the ledgers of XYZ Company for the year ended December 31, 2017.
Net Sales
1,890,540.00
Cash
60,100.00
Cost of Goods Sold
1,058,540.00
Short-term Investments
74,000.00
Accounts Receivable
Operating Expenses
Interest Expense
506,000.00
107,800.00
25,000.00
Merchandise Inventory
133,000.00
Income Tax Expense
86,000.00
Machineries, net
615,300.00
Accounts Payable
Income Taxes Payable
Long-term Notes Payable
Owner's Equity
160,000.00
43,500.00
210,000.00
576,700.00
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