11) Rick Company has cash of $143,000; net accounts receivable of $89,000; short-term investments of $35,000; and prepaid expenses of $40,000. It also has $50,000 in current liabilities and $80,000 in long-term liabilities. What is the quick ratio for Rick Company?
12) Mike Company has cash of $56,000; net accounts receivable of $67,000; short-term investments of $12,000; and inventory of $40,000. It also has $45,000 in current liabilities and $75,000 in long-term liabilities. What is the quick ratio for Mike Company ?
13) What is considered to be a safe quick ratio?
14) Tammy Corporation reported cash sales of $118,000; net credit sales of $343,000; beginning net accounts receivable of $89,000; and ending net accounts receivable of $111,000. What is Tammy's accounts receivable turnover? If last year's accounts receivable turnover was 3, is there an improvement or deterioration? Indicate the reason for your answer.
15) Riccardo Company has cash of $103,000; net accounts receivable of $69,000; short-term investments of $25,000; and prepaid expenses of $40,000. It also has $90,000 in current liabilities and $80,000 in long-term liabilities. What is the quick ratio for Riccardo Company? If last year's quick ratio was 2.3, is there an improvement or deterioration in the quick ratio? Is the current year's quick ratio good?
16) A company has a quick ratio of 1.23. What does this mean?
17) Victor Company has cash of $23,000; net accounts receivable of $49,000; long-term investments of $25,000; and supplies of $13,000. It also has accounts payable of $20,000; other current liabilities of $15,000; and $70,000 in long-term liabilities. What is the quick ratio for Victor Company? Is the current year's quick ratio good?
18) Tildy Corporation reported total sales of $944,000 of which 30% are on credit; beginning net accounts receivable of $69,000; and ending net accounts receivable of $71,000. What is Tammy's accounts receivable turnover? If last year's accounts receivable turnover was 5, is there an improvement or deterioration? Indicate the reason for your answer.