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Brief Exercise 8-17(Algo) Calculate current ratio and acid-test ratio (LO8-6) ...

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Accounting

Brief Exercise 8-17(Algo) Calculate current ratio and acid-test ratio (LO8-6)
Airline Accessories has the following current assets: cash, $103 million; receivables, $95 million; inventory, $183 million; and other
current assets, $19 million. Airline Accessories has the following liabilities: accounts payable, $100 million; current portion of long-term
debt, $36 million; and long-term debt, $24 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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