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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A B Madison Makeup reported the following on its most recent financial statements (in $ millions). Fill in the highlighted cells in the table. Figure reported in the Figure reported in the actual Miscellaneous financial information common size financial 2 3 Long-term assets other than any listed in this table 4 Total liabilities 5 Cash 6 Operating current assets other than any listed in this table 7 Current portion of long-term debt 8 Cost of sales 9 Nonoperating current assets other than any listed in this table 10 Total long-term assets 11 All equity items other than any listed in this table 12 Total long-term liabilities 13 Long-term debt 14 Earnings before taxes 15 Par value 16 Total equity 17 Retained earnings 18 Current liabilities other than any listed in this table 19 Revenue 20 Total current liabilities 21 Interest expense 22 Taxes 23 Total assets 24 Long-term liabilities other than any listed in this table 25 Accounts receivable 26 Current assets 27 Nonoperating income…
1n. Account
Prepare a blance sheet
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1. Calculate the liquidity- cash ratios, quick ratios and current ratios.
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calculate the following ratios