U.S. CORPORATION Balance Sheets as of December 31, 2015 and 2016 ($ in Millions)

Question

U.S. CORPORATION Balance Sheets as of December 31, 2015 and 2016 ($ in Millions) 2016 2016 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable Inventory $160 Accounts payable 688 Notes payable 266 123 $ 389 Total Total $1,403 Fixed assets Net fixed assets $1,709 Long-term debt 454 Owners' equity Common stock and paid-in surplus Retained earnings 640 1,629 $2,269 $3,112 Total Total assets $3,112 Total liabilities and owners' equity What is the Quick Ratio for US Corporation? JUL 16

Explanation / Answer

Answer is a. 2.180 Explanation: Total Quick assets: Cash 160 Accounts receivable 688 Total Quick assets: 848 Divide: Total Current liabilities 389 Quick ratio 2.1799

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