Harding Company Accounts payable $34,411 Accounts receivable 74,965 Accrued liabilities 6,258 Cash 21,193 Intangible assets 37,609 Inventory 78,910 Long-term investments 111,094 Long-term liabilities 73,297 Notes payable (short-term) 28,248 Property, plant, and equipment 613,888 Prepaid expenses 2,504 Temporary investments 36,411 Based on the data for Harding Company, what is the amount of quick assets?
Harding Company Accounts payable $34,411 Accounts receivable 74,965 Accrued liabilities 6,258 Cash 21,193 Intangible assets 37,609 Inventory 78,910 Long-term investments 111,094 Long-term liabilities 73,297 Notes payable (short-term) 28,248 Property, plant, and equipment 613,888 Prepaid expenses 2,504 Temporary investments 36,411 Based on the data for Harding Company, what is the amount of quick assets?
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.24MCE
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Harding Company
Accounts payable $34,411
Accounts receivable 74,965
Accrued liabilities 6,258
Cash 21,193
Intangible assets 37,609
Inventory 78,910
Long-term investments 111,094
Long-term liabilities 73,297
Notes payable (short-term) 28,248
Property, plant, and equipment 613,888
Prepaid expenses 2,504
Temporary investments 36,411
Based on the data for Harding Company, what is the amount of quick assets?
Expert Solution
Step 1
Quick assets are those assets that are more liquidated than current assets. So it can be calculated by deducting the inventory and prepaid expenses from the total current assets. The quick assets are used to calculate the quick ratio and it can be calculated by dividing total quick assets by current liabilities.
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