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Selected financial data regarding current assets and current liabilities for Queen’s Line, a competitor in the cruise line industry, is provided:($ in millions)Current assets:  Cash and cash equivalents  $ 331  Current investments                63  Net receivables                      230  Inventory                               116  Other current assets              135Total current assets               $ 875  Current liabilities:  Accounts payable              $1,025  Short-term debt                    694  Other current liabilities         919    Total current liabilities    $2,638Required:1. Calculate the current ratio and the acid-test ratio for Queen’s Line.

Selected financial data regarding current assets and current liabilities for Queen’s Line, a competitor in the cruise line industry, is provided:($ in millions)Current assets:  Cash and cash equivalents  $ 331  Current investments                63  Net receivables                      230  Inventory                               116  Other current assets              135Total current assets               $ 875  Current liabilities:  Accounts payable              $1,025  Short-term debt                    694  Other current liabilities         919    Total current liabilities    $2,638Required:1. Calculate the current ratio and the acid-test ratio for Queen’s Line.

FINANCIAL ACCOUNTING
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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Selected financial data regarding current assets and current liabilities for Queen’s Line, a competitor in the cruise line industry, is provided:

($ in millions)
Current assets:
  Cash and cash equivalents  $ 331
  Current investments                63
  Net receivables                      230
  Inventory                               116
  Other current assets              135
Total current assets               $ 875
  Current liabilities:
  Accounts payable              $1,025
  Short-term debt                    694
  Other current liabilities         919
    Total current liabilities    $2,638

Required:
1. Calculate the current ratio and the acid-test ratio for Queen’s Line.

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