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.)
($ in, millions)
Current assets:
Cash and cash equivalents $307
Current investments 82
Net receivables 218
Inventory 122
Other current assets 138
Total current assets $867
Current liabilities:
Accounts payable $1,165
Short-term debt 709
Other current liabilities 904
Total current liabilities $2,778
Required:
Calculate the current ratio and the acid-test ratio for Queen's Line.
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