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.

Current ratio = 0.32 times

Acid-test ratio = 0.27 times

Explanation:

The computation is shown below:

For current ratio

= Total Current assets ÷ total current liabilities

= $867÷ $2,778

= 0.32 times

For acid-test ratio

= Quick assets ÷ total current liabilities

where,

Quick assets = Total current assets - inventory

                      = $867 - $122

                      = $745

And the total current liabilities is $2,778

So, the acid-test ratio would be

= $745 ÷ $2,778

= 0.27 times

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