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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.0 billion and cost of goods sold of $1.8 billion. Fiscal Year
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.0 billion and cost of goods sold of $1.8 billion. Fiscal Year Balance Sheet (in millions) 2017 2016 Cash $ 96 $ 66 Accounts Receivable, less allowance of $15 and $15 495 423 Inventories 266 238 Prepaid Expenses Other Current Assets 20 15 422 371 Accounts Payable Wages Payable 115 71 50 86 Income Tax Payable Other Current Liabilities 9 72 236 218 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.) Current ratio 2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.) Inventory turnover times Accounts receivable turnover times
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