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Brief Exercise 8-15 Calculate current and acid-test ratios (LO6) Airline Accessories has the following current assets: cash, $96 million; receivables, $88 million; inventory, $176 million;
Brief Exercise 8-15 Calculate current and acid-test ratios (LO6) 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 mllion; 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.) Current Ratio Acid-Test Ratio
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