Question: Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ($ in millions) ACME Corporation Wayne Enterprises
Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows:
| ($ in millions) | ACME Corporation | Wayne Enterprises |
| Current assets: | ||
| Cash and cash equivalents | $ 416 | $ 305 |
| Current investments | 6 | 498 |
| Net receivables | 545 | 226 |
| Inventory | 10,551 | 8,809 |
| Other current assets | 1,316 | 275 |
| | | |
| Total current assets | $ 12,834 | $ 10,113 |
| | | |
| Current liabilities: | ||
| Current debt | $ 8,821 | $ 4,136 |
| Accounts payable and accrued liabilities | 1,827 | 1,081 |
| Other current liabilities | 1,014 | 2,325 |
| | | |
| Total current liabilities | $ 11,662 | $ 7,542 |
| | | |
| | ||
Required:
1-a. Calculate the current ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions (i.e., $5,500,000 should be entered as 5.5).)
2-a. Calculate the acid-test (quick) ratio for ACME Corporation and Wayne Enterprises. (Enter your answers in millions. (i.e., $5,500,000 should be entered as 5.5.))
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
