Problem 8-9B (Algo) Calculate and analyze ratios (LO8-6)Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows:OceanicAirlines($ in millions)Current assets:Cash and cash equivalentsCurrent investmentsNet receivablesInventoryOther current assetsTotal current assetsCurrent liabilities:Current debtAccounts payableOther current liabilitiesTotal current liabilitiesReq 1AReq 1BFerris Air$1,2653,144Req 2AAcid-Test Ratio851565310$6,135Required:1-a. Calculate the current ratio for Ferris Air and Oceanic Airlines.1-b. Which company has the more favorable current ratio?2-a. Calculate the acid-test (quick) ratio for Ferris Air and Oceanic Airlines.2-b. Which company has the more favorable acid-test ratio?$6,5392,7120$9,251Complete this question by entering your answers in the tabs below.Req 2B$5,0841,3911,884428677$9,464$6,6742,4471,644$10,765Calculate the acid-test (quick) ratio for Ferris Air and Oceanic Airlines. (Enter your answers in millions. For example,$5,500,000 should be entered as 5.5.)Ferris Air< Req 1BOceanic AirlinesReq 2B > Problem 8-9B (Algo) Calculate and analyze ratios (LO8-6)Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows:($ in millions)Current assets:Cash and cash equivalentsCurrent investmentsNet receivablesInventoryOther current assetsTotal current assetslocaCurrent liabilities:Current debtAccounts payableOther current liabilitiesTotal current liabilitiesReq 1AFerris AirReq 1B$1,2653,144Req 2A851565310$6,135$6,5392,712$9,251Required:1-a. Calculate the current ratio for Ferris Air and Oceanic Airlines.1-b. Which company has the more favorable current ratio?2-a. Calculate the acid-test (quick) ratio for Ferris Air and Oceanic Airlines.2-b. Which company has the more favorable acid-test ratio?Complete this question by entering your answers in the tabs below.Req 2BOceanicAirlinesWhich company has the more favorable acid-test ratio?Which company has the more favorable acid-test ratio?$5,0841,3911,884< Req 2A428677$9,464$6,6742,4471,644$10,765Req 2B >

Lets understand the basics.Current ratio = Current Assets/ Current LiabilitiesAcid Test ratio =…

Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows: Oceanic Airlines ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debt Accounts payable Other current liabilities Total current liabilities Ferris Air $1,265 3,144 851 565 310 $6,135 $6,539 2,712 0 $9,251 $5,084 1,391 1,884 428 677 $9,464 $6,674 2,447 1,644 $10,765

Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows: Oceanic Airlines ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debt Accounts payable Other current liabilities Total current liabilities Ferris Air $1,265 3,144 851 565 310 $6,135 $6,539 2,712 0 $9,251 $5,084 1,391 1,884 428 677 $9,464 $6,674 2,447 1,644 $10,765

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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