Question: Quebec Electronics has the following data available: Current Assets: 2018 20 17 Cash $158 $ 57 Accounts Receivable 88 61 Accrued Interest Receivable 15 15
Quebec Electronics has the following data available:
Current Assets: 2018 20 17
Cash $158 $ 57
Accounts Receivable 88 61
Accrued Interest Receivable 15 15
Inventory 25 60
Prepaid Rent 10 --
Total Current Assets $296 $193
Current Liabilities:
Accounts Payable $ 90 $ 63
Accrued Wages Payable 35 8
Accrued Income Taxes Payable 18 15
Accrued Interest Payable 9 9
Unearned Sales Revenue -- 5
Current Portion
of Long-Term Notes Payable 80 --
Total Current Liabilities $224 $104
Long-Term Liabilities:
Notes Payable 40 120
Total Liabilities $272 $220
What is the quick ratio for Quebec Electronics in 2018? Has the quick ratio improved or not improved since 2017? (Is accrued interest receivable in the numerator of the quick ratio?
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