Question: Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $8,750 Less: Cost of goods sold 7,310 Less: Depreciation 420 Earnings before interest and taxes
Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $8,750 Less: Cost of goods sold 7,310 Less: Depreciation 420 Earnings before interest and taxes $1,020 Less: Interest paid 86 Taxable Income $934 327 $607 2009 2010 Cash $ 140 Accounts rec. Inventory 820 1,540 Less: Taxes Net income Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 $170 Accounts payable $1,010 $ 1,160 720 Long-term debt 1,010 1,210 1,560 Common stock $ 3,160 $2,980 Total Net fixed assets 3,230 3,700 Total assets $2,500 $ 2,450 Retained earnings $5,730 $6,150 Total liab. & equity $ 5,730 $6,150 What is the quick ratio for 2010? 550 800
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