Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne Enterprises ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debt Accounts payable Other current liabilities Total current liabilities Req 1A Req 1B $378 5 711 10,511 1,375 $12,980 Req 2A Current Ratio $8,721 1,817 1,084 $11,622 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? Complete this question by entering your answers in the tabs below. Req 2B $295 431 216 8,709 265 $9,916 $4,266 1,071 2,356 $7,693 ACME Corporation Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Wayne Enterprises

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 Woyne 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? Complete this question by entering your onswers in the tabs below. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. For example, 55,500,000 should be entered os 5.5.) During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employee portion of FICA, and $255,000 for employee federal and state. The company incurs an additional $74,400 for federal and state unemployment tax and $36,000 for the employer portion of health insurance (tringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) Journal entry worksheet During January, Luxury Cruise Lines incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employee portion of FICA, and $255,000 for employee federal and state. The company incurs an additional $74,400 for federal and state unemployment tax and $36,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shie/d). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event. select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) Journal entry worksheet Note: Enter debits before credits