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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
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 $ 331 63 230 116 Other current assets 135 Total current assets $ 875 Current liabilities: Accounts payable $1,025 Other current liabilities Short-term debt Total current liabilities 694 919 $2,638 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.) Current Ratio Acid-Test Ratio
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