It is important to distinguish between seasonal and base-level assets for which of the following reasons?

I. To identify the portion of base-level assets that can be reduced to repay short-term debt II. To identify the amount of seasonal assets that are supported by owners equity III. To identify the amount of operating cash flow needed to reduce debt supporting base-level assets IV. To understand what amount of short-term debt is appropriate to support seasonal assets

A.I & II

B.III & IV

C.I, III & IV

D.II, III & IV