The financial statements for Retail Corporation appear below.

Required:
1. Compute the four short-term liquidity ratios for 2008 and 2009 assuming operating cash flows are $281 million and $483 million, respectively.
2. Indicate which ratios appear to be most appropriate for a retail organization. Indicate what other information you would like to know to comment on Retail€™s short-termliquidity.

Retail Corporation Consolidated Re sults of Operations (Millions of dollars, except per share data) December 31 2008 $17,927 2009 2007 $19,233 $16,115 Costs and expenses: Cost of retail sales, buying, and Selling, publiaty, and administration Interest expense, net $14,164 $13,129 2,978 459 437 2,801 498 446 ion 398 283 $18,626 17,316 15,643 Taxes other than income taxes Total costs and expenses Eamings before income taxes Provision for income taxes Net earnings 232 228 Retail Corporation Consolidated Statements of Financial Position Millions of dollars) December 31 ASSETS 2009 2008 Current assets: Cash and cash equivalents Accounts receivable 1,536 2,497 157 2,618 165 4,414 Other Total aurrent assets Property and equipment Land Buildings and improvements Fixtures and equipment 1,120 4,753 248 5,947 S 998 4342 2,197 223 ress Accumulated depreciation Net property and equipment S 5,563 360 $10,337 er 320 Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable Accounts payable Accrued liabilities Income taxes payable Current portion of long-term debt $ 200 1.654 903 145 173 3,075 4,279 849 125 Total current liabilities 2,964 4,330 450 Long-term debt Deferred income taxes and other Loan to ESOP Total liabilities Stockholders' equity: Preferred stock Common stock Additional paid-in capital (common) Retained eamings S 374 2,592 2357 Total stockholders' equity Total liabiities and stockholders' equity $10,778 $10,337