The following financial data is for Hi$-$Tech Instruments.

$2020($Thousands of Dollars, except Earnings per Share$)$

Sales revenue $$210,000$

Cost of goods sold $125,000$

Net income $8,300$

Dividends $2,600$

Earnings per share $4\mathrm{.}15$

HI$-$TECH INSTRUMENTS, INC.

Balance Sheets

$($Thousands of Dollars$)$ Dec. $31,2020$ Dec. $31,2019$

Assets

Cash $$18,300$ $$18,000$

Accounts receivable $($net$)46,00041,000$

Inventory $39,50043,700$

Total Current Assets $103,800102,700$

Plant assets $($net$)52,60050,500$

Other assets $15,60013,800$

Total Assets $$172,000$ $$167,000$

Liabilities and Stockholders$$ Equity

Notes payable$$banks $$6,000$ $$6,000$

Accounts payable $22,50018,700$

Accrued liabilities $16,50021,000$

Total Current Liabilities $45,00045,700$

$9\%$ Bonds payable $40,00040,000$

Total Liabilities $85,00085,700$

Common stock $50,00050,000$

Retained earnings $37,00031,300$

Total Stockholders$$ Equity $87,00081,300$

Total Liabilities and Stockholders$$ Equity $$172,000$ $$167,000$

$*$ $$25$ par value; $2,000,000$ shares

Industry Average Ratios for Competitors

Quick ratio $1\mathrm{.}3$

Current ratio $2\mathrm{.}4$

Accounts receivable turnover $5\mathrm{.}9$ times

Inventory turnover $3\mathrm{.}5$ times

Debt$$to$$equity ratio $0\mathrm{.}73$

Gross profit percentage $42\mathrm{.}8$ percent

Profit margin $4\mathrm{.}5$ percent

Return on assets $7\mathrm{.}6$ percent

Calculate the company$$s quick ratio for $2020$ and compare the result to the industry.

Note: Select appropriate numerator and denominator components used to compute the ratio. Then enter the appropriate numerator and denominator amounts.

Numerator Denominator Ratio

Answer $1$

Answer $2$

Answer $3$

$0$

Answer $4$

$0$

The company's quick ratio is Answer $5$

higher

than the industry's average.