Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): January January 31, 2020 31, 2019 Current Assets Cash Accounts receivable Inventories $ 11 $ 8 11 Total current assets $ 24 $ 28 Current Liabilities Note payable Accounts payable Other accrued liabilities $ 6 $ 6 4 1 3 Total current liabilities $ 13 $ 10 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) 01/31/2020 01/31/2019 Working capital Current ratio h Evaluate the firm's liquidity at each balance sheet date.

Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): January January 31, 2020 31, 2019 Current Assets Cash Accounts receivable Inventories $ 11 $ 8 11 Total current assets $ 24 $ 28 Current Liabilities Note payable Accounts payable Other accrued liabilities $ 6 $ 6 4 1 3 Total current liabilities $ 13 $ 10 Required: a. Calculate the working capital and current ratio at each balance sheet date. (Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10). Round your "Current ratio" to 2 decimal places.) 01/31/2020 01/31/2019 Working capital Current ratio h Evaluate the firm's liquidity at each balance sheet date.

Name: Hello, I need help Following are the current asset and current liabili
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Description: Hello, I need help Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (inmillions):January January31, 2020 31, 2019Current AssetsCashAccounts receivableInventories$ 116.7

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.1E: Current Liabilities The following items are accounts on Smiths balance sheet of December 31, 2016:...

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