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.
