Ski Lifts Inc. is a highly seasonal business. The following summary balance sheet provides data for peak and off-peak seasons (in thousands of dollars):

Peak Off-peak

Cash $ 50 $ 30

Marketable securities 0 20

Accounts receivable 40 20

Inventories 100 50

Net fixed assets 500 500

$690 $620

Spontaneous

liabilities $ 30 $ 10

Short-term debt 50 0

Long-term debt 300 300

Common equity 310 310

$690 $620

From this data we may conclude that

a. Ski Lifts has a working capital financing policy of exactly matching asset and liability maturities.

b. Ski Lifts' working capital financing policy is relatively aggressive; that is, the company finances some of its permanent assets with short-term discretionary debt.

c. Ski Lifts follows a relatively conservative approach to working capital financing; that is, some of its short-term needs are met by permanent capital.

d. Without income statement data, we cannot determine the aggressiveness or conservatism of the company's working capital financing policy.

e. Both statements a and c are correct.