Question: I got some of this question wrong. Please provide an explanation on how to get correct answers. thank you!! Selected financial data regarding current assets


Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne Enterprises 325 ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities Current debt Accounts payable Other current liabilities Total current liabilities $ 533 5 611 10,548 1,273 $12,970 $ 530 246 9,009 295 $10,405 $ 9,021 1,847 1.164 $12,032 $ 4,288 1,101 2,415 $ 7,804 Required: 1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Current Ratio $ ACME Corporation 12.970 1.078 12,032 Total current assets Total current liabilities $ Wayne Enterprises 10.405 1.333 7,804 $ $ 1-b. Which company has the better ratio? ACME Corporation Wayne Enterprises 2-a. Calculate the acid-test (quick) ratio for ACME Corporation and Wayne Enterprises (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Acid-Test Ratio Quick assets Total current liabilities ACME Corporation $ 1.144 0.105 $ 10,868 $ $ Wayne Enterprises 571 5,389 0.106 2-a. Calculate the acid-test (quick) ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Acid-Test Ratio Quick assets Total current liabilities ACME Corporation $ 1,144 0.105 $ 10,868 Wayne Enterprises 571 5,389 0.106 $ 2-b. Which company has the better ratlo? ACME Corporation Wayne Enterprises
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