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Following are the current asset and current liability sections of the balance sheets for Freedom, Inc., at January 31, 2011 and 2010 (in millions):
January 31, 2011 January 31, 2010

Current Assets
Cash $ 9 $ 6
Accounts receivable 7 10
Inventories 7 11
Total current assets $ 23 $ 27

Current Liabilities

Note payable $ 5 $ 5
Accounts payable 5 2
Other accrued liabilities 2 2
Total current liabilities $12 $ 9

Calculate the working capital and current ratio at each balance sheet date.

1/31/11 1/31/10
Working capital $ $
Current ratio

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977398

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