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Following are the current asset and current liability

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Reference no: EM13599821

Following are the current asset and current liability sections of the balance sheets for Freedom, Inc., at January 31, 2011 and 2010 (in millions):
January 31, 2011 January 31, 2010

  • Current Assets
  • Cash $ 9 $ 6
  • Accounts receivable 7 10
  • Inventories 7 11
  • Total current assets $ 23 $ 27

Current Liabilities

  • Note payable $ 5 $ 5
  • Accounts payable 5 2
  • Other accrued liabilities 2 2
  • Total current liabilities $12 $ 9

Calculate the working capital and current ratio at each balance sheet date.

  • 1/31/11 1/31/10
  • Working capital $ $
  • Current ratio

Reference no: EM13599821

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