Selected financial data regarding current assets and current liabilities for Sussex's Line, a competitor in the cruise line industry, isprovided:($ in millions)Current assets:Cash and cash equivalents:Current investmentsNet receivablesInventoryOther current assetsTotal current assetsCurrent liabilities:Accounts payableShort-term debtOther current liabilitiesTotal current liabilities.Current RatioRequired:1. Calculate the current ratio and the acid-test ratio for Sussex's Line. (Enter your answers in millions, not in dollars. For example,$5,500,000 should be entered as 5.5.)Accounts in RatioAcid-Test RatioAccounts in RatioAmounts$40292224106130$954Amounts$1,135669944$2,7480 On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.6 million cash to expand operations. The loanis made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest ispayable at maturity. Trico's year-end is December 31.Required:1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for aparticular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, notmillions (i.e. 5.5 million should be entered as 5,500,000).)View transaction list View journal entry worksheet2No123General JournalDateAugust 01, 2024 No Transaction RecordedDecember 31. No Transaction Recorded2024January 31, 2025 No Transaction RecordedDebitCredit

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Selected financial data regarding current assets and current liabilities for Sussex's Line, a competitor in the cruise line industry, is provided: (5 in millions) Current assets Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities Current Ratio Required: 1. Calculate the current ratio and the acid-test ratio for Sussex's Line. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) Accounts in Ratio Acid-Test Ratio Accounts in Ratio Amounts $402 92 224 106 130 $954 Amounts $1,135 669 944 $2,748

Selected financial data regarding current assets and current liabilities for Sussex's Line, a competitor in the cruise line industry, is provided: (5 in millions) Current assets Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Accounts payable Short-term debt Other current liabilities Total current liabilities Current Ratio Required: 1. Calculate the current ratio and the acid-test ratio for Sussex's Line. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.) Accounts in Ratio Acid-Test Ratio Accounts in Ratio Amounts $402 92 224 106 130 $954 Amounts $1,135 669 944 $2,748

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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