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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.1 billion and cost of goods sold of $1.7 billion. Fiscal Year
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.1 billion and cost of goods sold of $1.7 billion. Fiscal Year Balance Sheet (in millions) Cash 2017 2016 $ 88 $ 58 Accounts Receivable, less allowance of $15 and $15 475 419. Wages Payable Inventories Prepaid Expenses Other Current Assets Accounts Payable Income Tax Payable 258 238 20 15 416 363 110 69 50 78 11 72 Other Current Liabilities. 228 214 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 adounts receivable turnover ratio for 2017. (Round your answers to 2 decimal plac Inventory turnover Accounts receivable turnover times times
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