Calculate the quick ratio for Los Altos, Inc., for both years, using the financial statements...
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Calculate the quick ratio for Los Altos, Inc., for both years, using the financial statements displayed below. Round to nearest hundredth. Quick Ratio Did the companys ability to pay its current liabilities improve over the two years? Answer Los Altos, Inc. Income Statement For Years Ended December and in millions Net sales $ $ Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $ $ Los Altos, Inc. Balance Sheet December and in millions Assets Current assets Cash and cash equivalents $ $ Accounts receivable Inventory Other current assets Total current assets Property, plant, & equipment net Other assets Total assets $ $ Liabilities and Stockholders' Equity Current liabilities $ $ Longterm liabilities Total liabilities Stockholders' equity common Total Liabilities and Stockholders' Equity $ $ 
Calculate the quick ratio for Los Altos, Inc., for both years, using the financial statements displayed below. Round to nearest hundredth.
Quick Ratio
Did the companys ability to pay its current liabilities improve over the two years? Answer
Los Altos, Inc. Income Statement For Years Ended December and in millions Net sales $ $ Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $ $
Los Altos, Inc. Balance Sheet December and in millions Assets Current assets Cash and cash equivalents $ $ Accounts receivable Inventory Other current assets Total current assets Property, plant, & equipment net Other assets Total assets $ $ Liabilities and Stockholders' Equity Current liabilities $ $ Longterm liabilities Total liabilities Stockholders' equity common Total Liabilities and Stockholders' Equity $ $
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