Question: Use the following table: Case X Case Y Case Z Cash $ 860 $ 1,140 $ 1,520 Short-term investments 0 0 600 Receivables 0 1,320
Use the following table:
| Case X | Case Y | Case Z | |||||||
| Cash | $ | 860 | $ | 1,140 | $ | 1,520 | |||
| Short-term investments | 0 | 0 | 600 | ||||||
| Receivables | 0 | 1,320 | 1,070 | ||||||
| Inventory | 2,600 | 1,200 | 5,060 | ||||||
| Prepaid expenses | 2,000 | 800 | 1,130 | ||||||
| Total current assets | $ | 5,460 | $ | 4,460 | $ | 9,380 | |||
| Current liabilities | $ | 2,800 | $ | 1,400 | $ | 4,430 | |||
Required: Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)
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