Problem $8-9$A $($Algo$)$ Calculate and analyze ratios $($LO$8-6)$

Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as

follows:

Required:

$1-$a$.$ Calculate the current ratio for ACME Corporation and Wayne Enterprises.

$1-$b$.$ Which company has the more favorable ratio?

$2-$a$.$ Calculate the acid$-$test $($quick$)$ ratio for ACME Corporation and Wayne Enterprises.

$2-$b$.$ Which company has the more favorable ratio?

Calculate the current ratio for ACME Corporation and Wayne Enterprises. $($Enter your answers in millions. For example,

$$5,500,000$ should be entered as $5\mathrm{.}5.)$

Which company has the more favorable ratio?

Which company has the more favorable ratio?

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 $5\mathrm{.}5.)$

Which company has the more favorable ratio?

Which company has the more favorable ratio?