(Answered): Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for a recent year…

Exercise 2-9

Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for a recent year follow.

End of Year Beginning of Year
Cash and cash equivalents $     72 $    358
Receivables (net) 1,942 1,788
Merchandise inventory 900 956
Other current assets 303 259
Total current assets $3,217 $3,361
Total current liabilities $1,601 $1,635
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Compute working capital and the current ratio at the beginning of the year and at the end of the year. (Round current ratio to 2 decimal places, e.g. 15.25.)

End of Year Beginning of Year
Working capital $ Entry field with incorrect answer $ Entry field with incorrect answer
Current ratio Entry field with incorrect answer :1 Entry field with incorrect answer :1
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Did Nordstrom’s liquidity improve or worsen during the year?Entry field with incorrect answer ImproveWorsen

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Expert Answer

 

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Statementshowing Computations
Paticulars End of Year Beginning of year
Total current assets           3,217.00                        3,361.00
Total current liabilities           1,601.00                        1,635.00
Working Capital = CA – CL           1,616.00                        1,726.00
Current Ratio = CA / CL                    2.01                                2.06
Liquidity worsen during the year since Current ratio declined from 2.06 to 2.01
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