How has JC penny managed its working capital accounts over the past eight quaters? Is there an opportunity to sqeeze more cash from any of these accounts?

note: days sales oustanding, days sales inventories ratio and cash conversation

EXHIBIT 36.4 I Quarterly Balance Sheets 2011-2012 in millions of dollars) 04 2012 03 2012 02 2012 01 2012 03 2011 Q2 2011 01 2011 04 2011 Assets Current assets 1767 1507 888 525 1085 1551 839 930 Cash and cash equivalents 4376 3084 2993 3408 3572 2916 2.341 3,362 Inventory 658 759 855 743 458 528 649 412 Other current assets 5,081 5.651 4,682 5,633 6,110 4,630 3,683 4,736 Total Current Assets 5,176 5.237 5,126 5.226 5.242 5,493 5,153 5.353 Property, plant, and equipment 767 923 1,167 1.399 1.541 1.515 1.231 745 Other assets 9,781 1 1.039 10,890 10.812 11,424 12,374 12,751 Total assets 12,429 Llabilities Current liabilities 1,162 1,408 1,022 984 1,015 Merchandise accounts payable 1,831 1.274 1,386 1.380 1,344 1.219 1,503 1.222 Other accounts payable 1.404 1,381 1.396 26 22 231 250 Short-term and current long-term debt 231 231 2,568 2,774 2,484 2,756 2,437 Total current liabilities 3,466 2,767 2,670 2.956 2.943 2901 2,871 2.871 Long-term debt 2.871 3,099 3,099 698 885 852 Other liabilities 871 740 899 644 646 786 388 924 904 Deferred long-term liability charges 1,152 888 1,208 1.216 7,388 Total liabilities 7,141 7,103 7,414 8,229 7,726 7,623 Stockholders' equity 110 Common stock 110 109 109 108 108 107 Retained earnings 380 932 1,057 1,204 1,412 1,541 1.728 1.819 3.799 Capital surplus 3789 3,782 3,767 3,699 3,619 3,587 3.605 Other stockholder equity (1.118) (1,329) (1.277) (1.144) (1.209) (745) (737) (763) Total stockholder equity 3,171 3,502 3,671 3.936 4,010 4,522 4.703 4,751 Total liabilities and stockholders' equity 9.781 10.890 10,812 1 1,039 11,424 12,751 12,429 12,374 107