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 Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities Current Ratio $ 457 84 273 98 126 $1,038 Required: 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 entered as 5.5.) Acid-Test Ratio $1,070 649 964 $2,683
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities Current Ratio $ 457 84 273 98 126 $1,038 Required: 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 entered as 5.5.) Acid-Test Ratio $1,070 649 964 $2,683
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is
provided:
($ in millions)
Current assets:
Cash and cash equivalents
Current investments
Net receivables
Inventory
Other current assets
Total current assets
Current liabilities:
Accounts payable
Short-term debt
Other current liabilities
Total current liabilities
Current Ratio
$ 457
84
273
98
126
$1,038
Required:
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 entered as 5.5.)
Acid-Test Ratio
$1,070
649
964
$2,683
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