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14. Use the information below for Privett Company to answer the question that follow. Privett Company...

14.

Use the information below for Privett Company to answer the question that follow.

Privett Company
Accounts payable $ 30,000
Accounts receivable 35,000
Accrued liabilities 7,000
Cash 25,000
Intangible assets 40,000
Inventory 72,000
Long-term investments 100,000
Long-term liabilities 75,000
Marketable securities 36,000
Notes payable (short-term) 20,000
Property, plant, and equipment 400,000
Prepaid expenses 2,000


Based on the data for Privett Company, what is the amount of quick assets?

a. $168,000

b. $60,000

c. $96,000

d. $61,000

Business   Accounting   
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Answer #1

The correct option is C.$ 96000

Accounts receivable + Cash+ marketable securities

$35000+ $25000+ $36000= $96000

Quick assets are those assets which are converted in to cash quickly. Quick assets includes Accounts receivable, cash and marketable securities. Here is main thing to note that inventory and prepaid expenses are not part of quick assets. Inventory and prepaid expenses are part of current assets. Inventory and prepaid expenses are not very liquid like accounts receivable and marketable securities . So they are not included in quick assets.

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