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 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
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