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Calculating Liquidity Ratios
The following schedule summarizes the composition of current assets and current liabilities reported in the year-end balance sheets from Triangle Air Lines and Nazareth Steel:
Triangle Air Lines
Nazareth Steel
(Dollars in millions)
Total current assets
$2,821,920
$1,591,100
Inventories included in
current assets
0
852,500
Prepayment and supplies
included in current assets
586,751
6,500
Total current liabilities
2,972,831
914,200
Required
a. Based on the information given here, determine each firm's current ratio and quick ratio at the end of the year.
b. Which firm do you consider to be in better financial condition? Explain.
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