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Brief Exercise 8-17 (Static) Calculate current ratio and acid-test ratio (LO8-6) Airline Accessories has the following current assets: cash, $112 million; receivables, $104 million; inventory,
Brief Exercise 8-17 (Static) Calculate current ratio and acid-test ratio (LO8-6) Airline Accessories has the following current assets: cash, \\$112 million; receivables, \\$104 million; inventory, \\$192 million; and other current assets, \\$28 million. Airline Accessories has the following liabilities: accounts payable, \\$118 million; current portion of long-term debt, \\$45 million; and long-term debt, \\$33 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.)
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