Exercise 8-17A Calculate and analyze liquidity ratios (LO8-6)Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, isprovided:($ in millions)Current assets:Cash and cash equivalentsCurrent investmentsNet receivables.InventoryOther current assetsTotal current assetsCurrent liabilities:Accounts payableShort-term debtOther current liabilitiesTotal current liabilitiesCurrent Ratio$ 35176204114134$879Required:1. Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers in millions, not in dollars. For example,$5,500,000 should be$ 5.5.)Acid-Test Ratio$1,190689924$2,803

The current ratio is calculated as current assets divided by current liabilities.The quick ratio is…

ercise 8-17A Calculate and analyze liquidity ratios (LO8-6) ected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is vided: in millions) urrent assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets urrent liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities $ Current Ratio $ 351 76 204 114 134 879 $1,190 689 924 $2,803 quired: Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers in millions, not in dollars. For example, 500,000 should be entered as 5.5.)

ercise 8-17A Calculate and analyze liquidity ratios (LO8-6) ected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is vided: in millions) urrent assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets urrent liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities $ Current Ratio $ 351 76 204 114 134 879 $1,190 689 924 $2,803 quired: Calculate the current ratio and the acid-test ratio for Queen's Line. (Enter your answers in millions, not in dollars. For example, 500,000 should be entered as 5.5.)

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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