:38 Brief Exercise 8-17 (Algo) Calculate current ratio and acid-test ratio (LO8-6) Airline Accessories has the following current assets: cash, $103 million; receivables, $95 million; inventory, $183 million; and other current assets, $19 million. Airline Accessories has the following liabilities: accounts payable, $100 million; current portion of long-term debt, $36 million; and long-term debt, $24 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) Current Ratio ces Accounts in Ratio Amounts Acid-Test Ratio Accounts in Ratio Amounts

:38 Brief Exercise 8-17 (Algo) Calculate current ratio and acid-test ratio (LO8-6) Airline Accessories has the following current assets: cash, $103 million; receivables, $95 million; inventory, $183 million; and other current assets, $19 million. Airline Accessories has the following liabilities: accounts payable, $100 million; current portion of long-term debt, $36 million; and long-term debt, $24 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) Current Ratio ces Accounts in Ratio Amounts Acid-Test Ratio Accounts in Ratio Amounts

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.10P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

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