3. a. Using the ratios and information given below for SportsOutlet.com, analyze the short-term liquidity and operating efficiency of the firm. Current ratio Quick ratio Cash flow liquidity ratio Average collection period Days inventory held Days payable outstanding Cash conversion cycle Fixed asset turnover Total asset turnover Cash flow from operations (in millions) Net sales in millions) 2015 1.50 1.15 1.39 10 days 35 days 86 days (41 days) 27.36 times 1.93 times $523 $6,743 2014 1.35 1.08 1.32 7 days 28 days 79 days (44 days) 22.14 times 2.21 times $376 $5,187