BALANCE SHEETS

(In millions)
June 30,	2014	2013
Assets
Current assets:
Cash and cash equivalents	$8,669	$3,804
Short-term investments (including securities loaned of $541 and $579)	77,040	73,218
Total cash, cash equivalents, and short-term investments	85,709	77,022
Accounts receivable, net of allowance for doubtful accounts of $301 and $336	19,544	17,486
Inventories	2,660	1,938
Deferred income taxes	1,941	1,632
Other	4,392	3,388
Total current assets	114,246	101,466
Property and equipment, net of accumulated depreciation of $14,793 and $12,513	13,011	9,991
Equity and other investments	14,597	10,844
Goodwill	20,127	14,655
Intangible assets, net	6,981	3,083
Other long-term assets	3,422	2,392
Total assets	$172,384	$142,431
Liabilities and stockholders equity
Current liabilities:
Accounts payable	$7,432	$4,828
Short-term debt	2,000	0
Current portion of long-term debt	0	2,999
Accrued compensation	4,797	4,117
Income taxes	782	592
Short-term unearned revenue	23,150	20,639
Securities lending payable	558	645
Other	6,906	3,597
Total current liabilities	45,625	37,417
Long-term debt	20,645	12,601
Long-term unearned revenue	2,008	1,760
Deferred income taxes	2,728	1,709
Other long-term liabilities	11,594	10,000
Total liabilities	82,600	63,487
Commitments and contingencies
Stockholders equity:
Common stock and paid-in capital shares authorized 24,000; outstanding 8,239 and 8,328	68,366	67,306
Retained earnings	17,710	9,895
Accumulated other comprehensive income	3,708	1,743
Total stockholders equity	89,784	78,944
Total liabilities and stockholders equity	$172,384	$142,431

Using the 2014 balance sheet above:

8. What are the following balances for the end of the your assigned fiscal year? (Ch. 2)
a) Current Assets
b) Current Liabilities
9. Calculate the following liquidity ratio at the beginning and the end of the your assigned fiscal year. Show calculations. (Ch. 2)
a) Current Ratio - beginning of fiscal year
b) Current Ratio - end of fiscal year
c) Describe how the current ratio for your company relates to the overall liquidity averages across firms. (If you use information from an outside source, include a reference to that source. If you calculate comparitive ratios, please provide your information in your answer.)