Based on the provided financial data, quick assets equal $116,697 and are calculated as the sum of accounts receivable ($70,405), cash ($16,012), and marketable securities ($30,280). Quick assets refer to highly liquid assets that can be converted to cash within one year and include accounts receivable, cash, and marketable securities.

1. Based on the following data, what is the amount of quick assets?
Select the correct answer.
Accounts payable $34,899
Accounts receivable $70,405
Accrued liabilities $6,517
Cash $16,012
Intangible assets $43,743
Inventory $81,417
Long-term investments $93,921
Long-term liabilities $76,522
Marketable securities $30,280
Notes payable (short-term) $24,517
Property, plant, and equipment $607,974
Prepaid expenses $2,614
Solution
$116,697
Quick assets = Accounts receivable + Cash + Marketable securities
Quick assets = $70,405 +$16,012 + $30,280
Quick assets = $116,697