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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.7 billion and cost of goods sold of $1.9 billion. Fiscal Year
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.7 billion and cost of goods sold of $1.9 billion. Fiscal Year 2017 2016 Balance Sheet (in millions) Cash $ 104 $ 64 Accounts Receivable, less allowance of $20 and $20 515 427 Inventories 274 238 Prepaid Expenses Other Current Assets 20 15 422 379 Accounts Payable Wages Payable 120 73 50 62 Income Tax Payable Other Current Liabilities 8 60 244 222 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.) Current ratio B 13 2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.) Inventory turnover Accounts receivable turnover times times 3. Not available in Connect.
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