E8.14 a b c

b. Prepare the current assets section of the balance sheet for Nicholay Industries on December 31, 2021. Calculate the receivables turnover and collection period. (Remember that this is the end of the first year of business.) E8.14 (LO 4) AN The following information (in millions) was taken from the December 31 financial statements of Canadian National Railway Company: 2 2017 $ 1.000 16 984 13.041 2,190 3,983 Accounts receivable, gross Allowance for doubtful accounts Accounts receivable, net Revenues Total current assets Total current liabilities 2016 $ 903 28 875 12,037 2.107 3,008 2015 $ 885 2 878 12,611 2,153 2,998 CONTO Instructions a. Calculate the 2017 and 2016 current ratios. b. Calculate the receivables turnover and average collection period for 2017 and 2016. c. Comment on any improvement or weakening in CN's liquidity and its management of accounts receivable