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Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 9,600 Cost of goods sold 7,810 Depreciation 470 Earnings before interest and taxes $ 1,320 Interest paid 106 Taxable income $ 1,214 Taxes 425 Net income $ 789 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions)   2021 2022   2021 2022 Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410 Accounts receivable 1,020 920 Long-term debt 1,110 1,310 Inventory 1,840 1,710 Common stock 3,360 3,280 Total $ 3,100 $ 2,900 Retained earnings 650 900 Net fixed assets 3,430 4,000       Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900 What is the quick ratio for 2022?

Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 9,600 Cost of goods sold 7,810 Depreciation 470 Earnings before interest and taxes $ 1,320 Interest paid 106 Taxable income $ 1,214 Taxes 425 Net income $ 789 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions)   2021 2022   2021 2022 Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410 Accounts receivable 1,020 920 Long-term debt 1,110 1,310 Inventory 1,840 1,710 Common stock 3,360 3,280 Total $ 3,100 $ 2,900 Retained earnings 650 900 Net fixed assets 3,430 4,000       Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900 What is the quick ratio for 2022?

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Use the following information to answer this question.

Windswept, Incorporated
2022 Income Statement
(in millions)
Net sales $ 9,600
Cost of goods sold 7,810
Depreciation 470
Earnings before interest and taxes $ 1,320
Interest paid 106
Taxable income $ 1,214
Taxes 425
Net income $ 789
Windswept, Incorporated
2021 and 2022 Balance Sheets
(in millions)
  2021 2022   2021 2022
Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410
Accounts receivable 1,020 920 Long-term debt 1,110 1,310
Inventory 1,840 1,710 Common stock 3,360 3,280
Total $ 3,100 $ 2,900 Retained earnings 650 900
Net fixed assets 3,430 4,000      
Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900

What is the quick ratio for 2022?

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