The financial statements of P&G are presented in Appendix 5B. The company’s complete annual report, including the notes to the financial statements, can be accessed at the book’s companion website, www.wiley.com/college/kieso.

Instructions
Refer to these financial statements and the accompanying notes to answer the following questions.
  (a) What was P&G’s 2011 short-term debt and related weighted-average interest rate on this debt?
  (b) What was P&G’s 2011 working capital, acid-test ratio, and current ratio? Comment on P&G’s liquidity.
  (c) What types of commitments and contingencies has P&G’s reported in its financial statements What is management’s reaction to these contingencies?