Consider the ratios for 1999, 2000, and 2001.

It appears that the golf course is:

	1999	2000	2001	Industry Average
Current Ratio	2.0	1.8	1.2	1.4
Cash as a % of Total Current Assets	39.2	35.7	10.5	15.5
Accounts Receivable as a % of TCA	32	39	41	21.0
Average Collection Period	30	35	45	30.0
Average Payment Period	35	40	45	37.0
Debt Ratio	35	35	65	35.0
Gross Profit Margin (%)	49	49	52	47.0
Return on Investment (%)	27	29	37	31.0

	A.	less liquid in 2001 than it was in 1999
	B.	more liquid in 2001 than it was in 1999
	C.	may be investing its cash in higher earning assets in 2001
	D.	A & C
	E.	B & C