Los Altos, Inc. Income Statement For Years Ended December 31,2020 and 2019...
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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.
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.
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