Airline Accessories has the following current assets: cash, $105 million; receivables, $97 million; inventory, $185 million; and other current assets, $21 million. Airline Accessories has the following liabilities: accounts payable, $104 million; current portion of long-term debt, $38 million; and long-term debt, $26 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. Note: Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5. Current Ratio Accounts in Ratio Amounts Acid-Test Ratio Accounts in Ratio Amounts

Airline Accessories has the following current assets: cash, $105 million; receivables, $97 million; inventory, $185 million; and other current assets, $21 million. Airline Accessories has the following liabilities: accounts payable, $104 million; current portion of long-term debt, $38 million; and long-term debt, $26 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. Note: Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5. Current Ratio Accounts in Ratio Amounts Acid-Test Ratio Accounts in Ratio Amounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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