The following financial data were reported by mac company

Reference no: EM13581072

The following financial data were reported by Mac Company for 2007 and 2008 ($ in millions). Mac Company Balance Sheets (partial) 2008 2007 Current assets Cash and cash equivalents $1,997 $1,005 Accounts receivable, net 3,659 2,495 Inventories 3,050 2,589 Other current assets 645 1,175 Total current assets $9,351 $7,264 Current liabilities $7,489 $5,685 Calculate the current ratio and working capital for Mac for 2007 and 2008. Suppose that at the end of 2008 Mac management used $463 million cash to pay off $463 million of accounts payable. Calculate the revised current ratio and working capital?

Reference no: EM13581072

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