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 $402 Current investments 66 Net receivables 237 Inventory 134 Other current assets 144 Total current assets $983 Current liabilities: Accounts payable $1,000 Short-term debt 739 Other current liabilities 874 Total current liabilities $2,613 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.)

\begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Current Ratio } \\ \hline Accounts in Ratio & Amounts \\ \hline Acid-Test Ratio & \\ \hline Accounts in Ratio & Amounts \\ \hline \end{tabular}
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
