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Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions)   2021 2022   2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670       Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 What is the quick ratio for 2022?

Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions)   2021 2022   2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670       Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 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 $ 8,650
Cost of goods sold 7,260
Depreciation 415
Earnings before interest and taxes $ 975
Interest paid 84
Taxable income $ 891
Taxes 312
Net income $ 579
Windswept, Incorporated
2021 and 2022 Balance Sheets
(in millions)
  2021 2022   2021 2022
Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135
Accounts receivable 800 700 Long-term debt 1,000 1,200
Inventory 1,510 1,545 Common stock 3,140 2,950
Total $ 2,440 $ 2,405 Retained earnings 540 790
Net fixed assets 3,210 3,670      
Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075

What is the quick ratio for 2022?

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