Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows:(5 in millions)Oceanic AirlinesCurrent assets:Cash and cash equivalents$ 3,6841,251Current investmentsNet receivablesInventory1,744Other current assetsTotal current assetsCurrent liabilities:Current debtAccounts payableOther current liabilitiesTotal current liabilitiesCurrent RatioTotal current assetsTotal current liabilitiesFerris AirS$$1,1253,004711425170$5,4354$6,3212,5720$8,893Required:1-a. Calculate the current ratio for Ferris Air and Oceanic Airlines. (Enter your answers in millions. For example, $5,500,000 shouldbe entered as 5.5.)5,4358,893Ferris Air0.611$288537$ 7,504$$ 7,2662,3071,504$11,077Oceanic Airlines7,50411,0770.677 2-a. Calculate the acid-test (quick) ratio for Ferris Air and Oceanic Airlines. (Enter your answers in millions. For example, $5,500,000should be entered as 5.5.)Acid-Test RatioFerris AirOceanic Airlines

Current ratio is the ratio between current assets and current liabilities. It is calculated by…

Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows: Ferris Air Oceanic Airlines (5 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 Current Ratic Total current assets Total current liabilities S $ $1,125 3,004 711 425 170 5,435 8,893 $5,435 4 $6,321 2,572 0 58,893 Required: 1-a. Calculate the current 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 0.611 $ 3,684 1,251 1,744 $ $ 288 537 $ 7,504 $ 7,266 2,307 1,504 $11,077 Oceanic Airlines 7,504 11,077 0.677

Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows: Ferris Air Oceanic Airlines (5 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 Current Ratic Total current assets Total current liabilities S $ $1,125 3,004 711 425 170 5,435 8,893 $5,435 4 $6,321 2,572 0 58,893 Required: 1-a. Calculate the current 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 0.611 $ 3,684 1,251 1,744 $ $ 288 537 $ 7,504 $ 7,266 2,307 1,504 $11,077 Oceanic Airlines 7,504 11,077 0.677

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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