Problem: Following are the current asset and current liability sections of the balance sheets for Calketch, Inc, at August 31, 2014 and 2013 (in millions)
Current assets: August 31, 2014 August 31,2013
cash $18 $36
marketable securities 42 60
accounts receivable 78 48
inventories 108 48
Total current assets $246 $192
Current liabilities: August 31, 2014 August 31, 2013
Note payable $18 $48
Accounts payable 60 84
other accrued liabilities 54 42
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Total current liabilities $132 $174
Q1. Calculate the working capital and current ratio at each balance sheet date. Round your current ratio answer to two decimal places.
Q2. Describe the change in the firm's liquidity from 2013 to 2014.