5.11 Using the ratios and information given for Wal-Mart Stores, Inc., a retailer, analyze the short-term liquidity and operating efficiency of the firm as of January 31, 2014.

Financial ratios for the years ended January 31,	2014	2013
Liquidity
Current (times)	0.88	0.83
Quick (times)	0.24	0.22
Cash flow liquidity (times)	0.44	0.46
Average collection period	6 days	6 days
Days inventory held	46 days	46 days
Days payable outstanding	38 days	40 days
Cash conversion cycle	14 days	12 days
Activity
Fixed asset turnover (times)	4.10	4.09
Total asset turnover (times)	2.31	2.29
Other information
Cash flow from operations (in millions of $)	23,257	25,591
Revenues (in millions of $)	473,076	465,604