18

18.7

we a vertical Murah "uld 10 Delaney Corporation for both years. om. Inc. operates department stores in numerous states, Suppose selected finan- (in millions) for 2020 are presented below. (103) Nordstrom statement data Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets End of Year $ 795 2,035 898 326 $4,054 Beginning of Year $ 72 1,942 900 303 $3,217 Total current liabilities $2,014 $1,601 for the year, net credit sala het credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash ided by operating activities was $1,251 million. instructions wute the current ratio, accounts receivable turnover, average collection period, inventory turnover, days in inventory at the end of the current year. FI88 (LO3) Gwynn Incorporated had the following transactions involving current assets and current Ishilities during February 2020. Feb. 3 7 11 14 18 Collected accounts receivable of $15,000. Purchased equipment for $23,000 cash. Paid $3,000 for a 1-year insurance policy. Paid accounts payable of $12,000. Declared cash dividends, $4,000. Additional information: a February 1, 2020, current assets were $120,000 and current liabilities were $40,000. Instructions Compute the current E18.9 (LO3) Lendell Com current ratio as of the beginning of the month and after each transaction. Lendell Company has these comparative balance sheet data: Lendell Company Balance Sheets December 31 2020 Cash 2019 $ 30,000 60,000 50,000 $ 15,000 70,000 60.000 Accounts receivable (net) Inventor