Los Altos, Inc.Balance SheetDecember 31, 2020 and 2019(in millions)20202019AssetsCurrent assetsCash and cash equivalents$270$540Accounts receivable1,2151,080Inventory675878Other current assets540338Total current assets2,7002,836Property, plant, & equipment (net)3,5103,375Other assets7,6957,965Total assetsS$13,905 $14,176Liabilities and Stockholders' EquityCurrent liabilities$4,500 $4,350Long-term liabilities7,5008,100Total liabilities12,00012,450Stockholders' equity - common1,9051,726Total Liabilities and Stockholders' Equity $13,905 $14,176 Calculate the quick ratio for Los Altos, Ic., for both years, using the financial statements displayed below. Round to nearest hundredth.20202019Quick RatioDid the company's ability to pay its current liabilities improve over the two years? No +Los Altos, Inc.Income StatementFor Years Ended December 31, 2020 and 2019(in millions)20202019Net sales$15,000 $14,250Cost of goods sold7,4257,020Gross profit7,5757,230Selling and administrative expenses3,7803,645Income from operations3,7953,585Interest expense405338Income before income taxes3,3903,247Income tax expense567540Net income$2 823$2 707

Name: Los Altos, Inc.Balance SheetDecember 31, 2020 and 2019(in millions)20
Uploaded: 2022-11-18T00:26:54.000Z
Channel: Bartleby
Description: Los Altos, Inc.Balance SheetDecember 31, 2020 and 2019(in millions)20202019AssetsCurrent assetsCash and cash equivalents$270$540Accounts receivable1,2151,080Inventory675878Other current assets540338Total current assets2,7002,836Property, plant, & eq