Question: Given The Following Data: Smith & Sons, Inc Balance Sheet December 31, 2016 and 2015 (In millions) 2016 ($) 2015 ($) Assets Current assets Cash
Given The Following Data:
| Smith & Sons, Inc | ||
| Balance Sheet | ||
| December 31, 2016 and 2015 | ||
| (In millions) | 2016 ($) | 2015 ($) |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 200 | 400 |
| Accounts receivable | 900 | 800 |
| Inventory | 500 | 650 |
| Other Current assets | 400 | 250 |
| Total Current assets | 2000 | 2100 |
| Property, plant & equipment (net) | 2,600 | 2,500 |
| Other Assets | 5,700 | 5,900 |
| Total assets | 10,300 | 10,500 |
| Liabilities and Stockholder's Equity | ||
| Current Liabilities | 3,000 | 2,900 |
| Long-term liabilities | 5,000 | 5,400 |
| Total Liabilities | 8,000 | 8,300 |
| Stockholders' equity-common | 2,300 | 2,200 |
| Total Liabilities and Stockholders' Equity | 10,300 | 10,500 |
Required:
Calculate the current ratio for Smith & Son Inc for 2015 and 2016.
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