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Given the following information, what is the firm's quick ratio?
Given the following information, what is the firm's quick ratio?
BALANCE SHEET INFORMATION
Cash = $1,160,000
Accounts receivable = (not given)
Inventory = $1,230,000
Fixed Assets = $4,470,000
Total assets = $7,700,000
Accounts payable = (not given)
Long-term debt = $2,300,000
Common stock = $770,000
Retained earnings = $3,570,000
Total liabilities and equity = $7,700,000
INCOME STATEMENT INFORMATION
Sales = $15,400,000
Operating expense = $12,780,000
EBIT = $2,620,000
Interest expense = $322,000
EBT = $2,298,000
Taxes = $919,000
Net Income = $1,379,000
