From the following extracts from a draft statement of financial position, calculate the quick (acid test) ratio:
$m
Assets
Non-current assets
10.5
Inventories
4.2
Receivables
2.8
Cash in hand
0.3
Non-current liabilities
Loan repayable in five years
6.5
Current liabilities
Trade payables
2.6
Other short-term payables
0.8
The quick (acid test) ratio is: (to two decimal places)
________
The correct answer is: 0.91.
Quick ratio = Current assets excluding inventories/current liabilities
= (2.8 + 0.3)/(2.6 + 0.8)
= 0.91
Common errors would include : inclusion of inventories (the current ratio), inclusion of non-current assets and/or non-current liabilities.
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