Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending February 2, 2008, are shown on the next page.

For the year, net sales were $8,828, and cost of goods sold was $5,526 (in millions).Instructions(a) Compute the four liquidity ratios at the end of the year.(b) Using the data in the chapter, compare Nordstrom's liquidity with(1) That of J.C. Penney Company, and(2) The industry averages for departmentstores.

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(in millions) Cash and cash equivalents Accounts receivable (net) Merchandise inventory Prepaid expenses Other current assets Total current assets Total current liabilities End-of-Year $ 358 Beginning-of-Year $ 403 684 1,788 956 997 61 78 181 597 $2,742 $3,361 $1.635 $1,433