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Airline Accessories has the following current assets: cash, $96 million; receivables, $88 million; inventory, $176 million; and other current assets, $12 million. Airline Accessories
Airline Accessories has the following current assets: cash, $96 million; receivables, $88 million; inventory, $176 million; and other current assets, $12 million. Airline Accessories has the following liabilities: accounts payable, $86 million; current portion of long-term debt, $29 million; and long-term debt, $17 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) > Answer is complete but not entirely correct. Current Ratio Current assets $ 372 3.23 Current liabilities $ 115 Acid-Test Ratio Quick assets $ 197 x = 1.71 Current liabilities $ 115
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