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 equivalents200400
Accounts receivable900800
Inventory500650
Other Current assets400250
Total Current assets20002100
Property, plant & equipment (net)2,6002,500
Other Assets5,7005,900
Total assets10,30010,500
Liabilities and Stockholder's Equity
Current Liabilities3,0002,900
Long-term liabilities5,0005,400
Total Liabilities8,0008,300
Stockholders' equity-common2,3002,200
Total Liabilities and Stockholders' Equity10,30010,500

Required:

Calculate the current ratio for Smith & Son Inc for 2015 and 2016.

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