Question: 48) Selected financial data regarding current assets and current liabilities for two competing companies, Simon and Garfunkel, are provided as follows Simon Garfunkel ($ in

48) Selected financial data regarding current assets and current liabilities for two competing companies, Simon and Garfunkel, are provided as follows Simon Garfunkel ($ in millions) Current assets Cash and cash $2,917 $648 equivalents Short-term investments 3,676 1,372 202 476 $6,164 $4,967 Net receivables 991 515 334 Inventory Other current assets Total current assets Current liabilities Accounts payable Short-term debt $7,081 $4,295 1,021 1,308 Total current liabilities $8,320$6,624 1,239 Other current liabilities 1. Calculate the current ratio for Simon. Then calculate the current ratio for Garfunkel. Which of the two companies has the best current ratio? 2. Calculate the acid-test (quick) ratio for Simon. Then calculate the acid-test (quick) ratio for Garfunkel. Which of the two companies has the best acid-test ratio

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