Question: Compute the (1) current ratio and the (2) quick ratio for Nikey, Inc. using the following excerpt from the balance sheet reported in a recent

 Compute the (1) current ratio and the (2) quick ratio for

Compute the (1) current ratio and the (2) quick ratio for Nikey, Inc. using the following excerpt from the balance sheet reported in a recent financial statement of Nikey, Inc. At May 31 (in millions) 2020 Current assets Cash and equivalents $6,934 Short-term investments 3,730 Accounts receivable, net 6,044 Inventories 7,807 Deferred income taxes 700 Prepaid expenses and other current assets 3,542 Total current assets $28,757 Current liabilities Current portion of long-term debt $182 Notes payable 126 Accounts payable 3,623 Accrued liabilities 6,717 Income taxes payable 121 Total current liabilities $10,769 Note: Round amounts to two decimal places. For example, enter 3.16 for 3.1556. Current ratio 0 Quick ratio 0

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