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 $$519$ $$185$

Current investments $7461$

Net receivables $618106$

Inventory $10,6457,609$

Other current assets $1,251155$

Total current assets $$13,040$ $$8,516$

Current liabilities:

Current debt $$7,621$ $$4,464$

Accounts payable $1,707961$

Other current liabilities $1,1482,552$

Total current liabilities $$10,476$ $$7,977$

 

 

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?