Following are the current asset and current liability sections of the balance sheets for Freedom, Inc., at January 31, 2017 and 2016 (in millions) Required: a. Calculate the working capital and current ratio at each balance sheet data (Enter “Working capital” in millions of dollars (i.e., 10.000.000 should be entered as 10). Round to 2 decimal places.)
a. 1/31/17:
Working capital = Current Assets – Current Liabilities = $25 – $13 = $12
Current ratio = Current Assets / Current Liabilities = $25 / $13 = 1.92
1/31/16:
Working capital = Current Assets – Current Liabilities = $29 – $10 = $19
Current ratio = Current Assets / Current Liabilities = $29 / $10 = 2.90
| 1/31/17 | 1/31/16 | |
| Working capital | $12 | $19 |
| Current ratio | 1.92 | 2.90 |
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