Assignment
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions of dollars) for a recent year follows.
|
|
End of Year
|
Beginning of Year
|
|
Cash and cash equivalents
|
$ 82
|
$ 408
|
|
Receivables (net)
|
2,214
|
2,038
|
|
Merchandise inventory
|
1,026
|
1,090
|
|
Other current assets
|
345
|
295
|
|
Total current assets
|
$3,667
|
$3,831
|
|
Total current liabilities
|
$1,606
|
$1,646
|
Compute working capital and the current ratio at the beginning of the year and at the end of the year. (Round current ratio to 2 decimal places, e.g. 15.25.)