ClubLink Enterprises Limited, headquartered in King City, Ontario, is Canada's largest owner, operator, and developer of golf courses and resorts. An excerpt from its comparative balance sheet at December 31, 2011, shows the following assets and liabilities, in alphabetical order:

These are dues and deposits collected in advance from ClubLink's golf club and resort members.
Required
a. Calculate total current assets at December 31, 2011, and December 31, 2010.
b. Calculate total current liabilities at December 31, 2011, and December 31, 2010.
c. Calculate the current ratio for December 31, 2011 and December 31, 2010 (round to two decimal places).
d. Explain the meaning of ClubLink's current ratio results calculated in part (c). Also indicate whether the change in the ratio was favourable or unfavourable.

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(thousands of dollars) 2011 2010 Accounts payable and accrued liabilities. .............._. 20,706 17,755 3,238 1,447 26,689 176 24,653 5,289 3,743 1,567 26,689 1,322 24,234 5,848 Goodwill Inventories and prepaid expenses 4,113 1,411 3,329 5,744 61 3,037 91,988 6,037 Mortgages and loans receivable, current portion.... Other long-term assets. . . Prepaid annual dues and deposits*.................................... Property, plant and equipment. . Short-term borrowings 12,965 ..589,876 ,817 24,839