Question: Selected financial data regarding current assets and current liabilities for Princess's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current
Selected financial data regarding current assets and current liabilities for Princess's Line, a competitor in the cruise line industry, is provided:
| ($ in millions) | |
|---|---|
| Current assets: | |
| Cash and cash equivalents | $464 |
| Current investments | 88 |
| Net receivables | 277 |
| Inventory | 102 |
| Other current assets | 128 |
| Total current assets | $1,059 |
| Current liabilities: | |
| Accounts payable | $1,050 |
| Short-term debt | 659 |
| Other current liabilities | 954 |
| Total current liabilities | $2,663 |
Required: 1. Calculate the current ratio and the acid-test ratio for Princess's Line. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.)
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