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Consider the following information: Total current assets $62,301 Deferred income taxes $1,345 Inventories $5,664 Prepaid expenses $2,034 Other assets $2,906 Total current liabilities $29,748 What is the quick ratio? 1
Consider the following information:
| Total current assets | $62,301 |
| Deferred income taxes | $1,345 |
| Inventories | $5,664 |
| Prepaid expenses | $2,034 |
| Other assets | $2,906 |
| Total current liabilities | $29,748 |
What is the quick ratio?
-
1.82
-
1.90
-
2.09
-
2.02
Expert Solution
Quick assets = Current assets - Inventories
= $62,301 - $5,664
= $56,637
Step 2: Divide quick assets by total current liabilities:
Quick ratio = Quick assets / Total current liabilities
= $56,637 / $29,748
= 1.90
Therefore, the quick ratio is 1.90
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