The following schedule lists the current assets and current liabilities
The following schedule lists the current assets and current liabilities of Iago Department Stores for the firm’s fiscal years ending in February for two recent years. Dollars are presented in millions.
Required:
(a) Determine Iago’s working capital and current ratio at year-end of Year 1 and Year 2.
(b) Did Iago’s liquidity improve or weaken between the end of Year 1 and the end of Year 2? Explain.
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