Question: Selected financial data regarding current assets and current liabilities for two competing companies, Simon and Garfunkel, are provided as follows: ($ in millions) Simon Garfunkel
Selected financial data regarding current assets and current liabilities for two competing companies, Simon and Garfunkel, are provided as follows:
| ($ in millions) | Simon | Garfunkel | ||
| Current assets | ||||
| Cash and cash equivalents | $ | 680 | $ | 2,940 |
| Short-term investments | 3,650 | |||
| Net receivables | 982 | 1,300 | ||
| Inventory | 515 | 201 | ||
| Other current assets | 340 | 474 | ||
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| Total current assets | $ | 6,167 | $ | 4,915 |
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| Current liabilities | ||||
| Accounts payable | $ | 7,470 | $ | 4,250 |
| Short-term debt | 1,290 | 1,026 | ||
| Other current liabilities | 1,310 | |||
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| Total current liabilities | $ | 8,760 | $ | 6,586 |
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1-a. Calculate the current ratio for Simon. Then calculate the current ratio for Garfunkel. (Round your answers to 2 decimal places.)
2-a. Calculate the acid-test (quick) ratio for Simon. Then calculate the acid-test (quick) ratio for Garfunkel. (Round your answers to 2 decimal places.)
Selected financial data regarding current assets and current liabilities for two competing companies, Simon and Garfunkel, are provided as follows:
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