Quick Ratio The current assets and current liabilities for Violet Inc. and Magenta, Inc., are as follows at the end of a recent fiscal period: Violet Inc. Magenta, Inc. (in millions) (in millions) Current assets: Cash and cash equivalents Short-term investments Accounts receivable Inventories Other current assets $5,522 3,567 2,416 230 1,266 $13,001 $18,624 13,486 1,284 5,459 $38,853 Total current assets Current liabilities: $4,690 4,160 $8,850 Accounts payable $9,971 6,929 $16,900 Accrued and other current liabilities Total current liabilities *These represent prepaid expense and other nonquick current assets. a. Determine the quick ratio for both companies. If required, round your answers to one decimal place Quick Ratio Violet Inc.: Magenta, Inc.: b. Which company has a stronger relative cash and short-term investment position? Magenta, Inc