Question: Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: (5 in millions) Current
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: (5 in millions) Current assets: Cash and cash equivalents $ 406 Current investnents 96 Net receivables 213 Inventory 110 Other current assets 132 Total current assets $ 957 Current liabilities: Accounts payable $1,180 Short-term debt 679 Other current liabilities 934 Total current liabilities $2,793 Required: 1. Calculate the current ratio and the acid-test ratio for Queen's Line (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) Current Ratio Current assets Current liabilities 5 912 2.778 0.33 Acid-Test Ratio Quick assets $ Current liabilitien $ 553 0.20 2,778
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
