The balance sheet for Cool’s Grocery Stores, Inc. this year reports the following data (in millions)....
The balance sheet for Cool’s Grocery Stores, Inc. this year reports the following data (in millions). What is the company’s Quick Ratio for this year (round to two decimal places)?
Cash and Cash Equivalents $351
Marketable Securities $379
Accounts Receivable $195
Merchandise Inventories $517
Prepaid Rent $68
Current Assets $1,975
Current Liabilities $1,341
Total Liabilities $2,422
Homework Answers
Cash and Cash Equivalents= $351 millions
Marketable Securities= $379 millions
Accounts Receivable= $195 millions
Current Liabilities= $1,341 millions
Quick ratio = (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable)/ Current liabilities
= (351+379+195)/1,341
= 925/1,341
= 0.69
Other information given in the question is not relevant while calculating quick ratio.
Kindly comment if you need further assistance. Thanks‼!
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