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Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines...

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Accounting

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Selected financial data regarding current assets and current liabilities for Ferris Air and Oceanic Airlines are provided as follows: Ferris Air Oceanic Airlines ($ in millions) Current assets: Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debt Accounts payable Other current liabilities Total current liabilities $1,285 3,164 871 585 330 $6,235 $ 5,284 1,411 1,904 448 697 $ 9,744 $6,409 2,732 0 $9,141 $ 6,629 2,467 1,664 $10,760 Required: 1-a. Calculate the current ratio for Ferris Air and Oceanic Airlines. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Current Ratio Total current assets Total current liabilities Ferris Air 6,235 9,141 Oceanic Airlines 9,7441 $ $ 0.682 0.906 $ $ 10,760 2-a. Calculate the acid-test (quick) ratio for Ferris Air and Oceanic Airlines. (Enter your answers in millions. For example, $5,500,000 should be entered as 5.5.) Acid-Test Ratio Ferris Air Oceanic Airlines Quick assets Total current liabilities $ 9,141 $ 10,760

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