Kannan Carpets, Inc

question 29

Multiple Choice

Kannan Carpets, Inc. has asked you to calculate the company's quick ratio for 2016. All you have is a partial balance sheet and some assumptions. Using the information provided, calculate Kannan's quick ratio for 2016. Gross profit margin = 50%
Inventory turnover (COGS/Inv) = 5
2001 sales = $3,000
Assets Liabilities & Equity
Cash ? Accounts payable $50
AR $40 Accruals ?
Inventory ? Long-term debt $400
Net fixed assets $500 Equity 250
Total assets $900 Total liab. & equity ?

• A) 0.2
• B) 0.4
• C) 0.6
• D) 0.8

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