Solution-Evaluate the quick ratio for december 31

Evaluate the quick ratio for december 31

Reference no: EM13554587

Quick ratio

Gmeiner Co. had the following current assets and liabilities for two comparative years:

Current assets:
Cash	$ 486,000	$ 500,000
Accounts receivable	210,000	200,000
Inventory	375,000	350,000
Total current assets	$1,071,000	$1,050,000
Current liabilities:
Current portion of long-term debt	$ 145,000	$ 110,000
Accounts payable	175,000	150,000
Accrued and other current liabilities	260,000	240,000
Total current liabilities	$ 580,000	$ 500,000

a. Determine the quick ratio for December 31, 2014 and 2013.

b. Interpret the change in the quick ratio between the two balance sheet dates.

Reference no: EM13554587

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Evaluate the quick ratio for december 31

Reference no: EM13554587

Reference no: EM13554587

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