What is the quick ratio for 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Windswept, Incorporated
2022 Income Statement
(in millions)
Net sales
Cost of goods sold
Depreciation
Earnings before interest and taxes
Interest paid
Taxable income
Taxes
Net income
Cash
Accounts receivable
Inventory
Total
Net fixed assets
Total assets
What is the quick ratio for 2022?
2021
$ 8,850
7,360
425
$ 1,065
88
$ 977
342
$ 635
Windswept, Incorporated
2021 and 2022 Balance Sheets:
(in millions)
2022
$ 180
$ 150
840
1,570
740
1,575
$ 2,560
$ 2,495
3,250
3,730
$ 5,810 $ 6,225
Accounts payable
Long-term debt
Common stock
Retained earnings
Total liabilities & equity
2021
$ 1,050
1,020
3,180
560
2022
$ 1,185
1,220
3,010
810
$ 5,810 $ 6,225"
Transcribed Image Text:Use the following information to answer this question.
Windswept, Incorporated
2022 Income Statement
(in millions)
Net sales
Cost of goods sold
Depreciation
Earnings before interest and taxes
Interest paid
Taxable income
Taxes
Net income
Cash
Accounts receivable
Inventory
Total
Net fixed assets
Total assets
What is the quick ratio for 2022?
2021
$ 8,850
7,360
425
$ 1,065
88
$ 977
342
$ 635
Windswept, Incorporated
2021 and 2022 Balance Sheets:
(in millions)
2022
$ 180
$ 150
840
1,570
740
1,575
$ 2,560
$ 2,495
3,250
3,730
$ 5,810 $ 6,225
Accounts payable
Long-term debt
Common stock
Retained earnings
Total liabilities & equity
2021
$ 1,050
1,020
3,180
560
2022
$ 1,185
1,220
3,010
810
$ 5,810 $ 6,225
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