Calculate and analyze liquidity ratios
Selected financial data regarding current assets and current liabilities for Queen's Line, a competitor in the cruise line industry, is provided, (Enter your answers in millions, not in dollars.)
Current assets:
Cash and cash equivalents $331
Current investments 63
Net receivables 230
Inventory 116
Other current assets 135
Total current assets $875
Current liabilities:
Accounts payable $1025
Short-terrn debt 694
Other current liabilities 919
Total current liabilities $2,638
Required:
Calculate the current ratio and the acid-test ratio for Queen's Line.