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Problem - Sedgewick Boutique reported the following financial data for 2014 and 2013.
Instructions-
(a) Calculate the current ratio for Sedgewick Boutique for 2014 and 2013.
(b) Suppose that at the end of 2014, Sedgewick Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. How would its current ratio change?
(c) At September 30, Sedgewick Boutique has an undrawn operating line of credit of $12.5 million. Would this affect any assessment that you might make of Sedgewick Boutique's short-term liquidity? Explain.
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