Excalibur Company has calculated the following ratios: 
Did the company's liquidity improve in 2015?
Definitions:
Closing Entry
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent equity account, thereby preparing the books for the next period.
Correct Closing Entry
Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, thus preparing the books for the next period.
Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
Inventory of Supplies
The total value of supplies held by a company that are yet to be used in production or sold.
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