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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.2 billion and cost of goods sold of $1.9 billion. Fiscal Year 2017
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $4.2 billion and cost of goods sold of $1.9 billion.
Fiscal Year | 2017 | 2016 | ||||
Balance Sheet (in millions) | ||||||
Cash | $ | 108 | $ | 68 | ||
Accounts Receivable, less allowance of $20 and $20 | 525 | 429 | ||||
Inventories | 278 | 246 | ||||
Prepaid Expenses | 40 | 15 | ||||
Other Current Assets | 428 | 322 | ||||
Accounts Payable | 80 | 55 | ||||
Wages Payable | 50 | 66 | ||||
Income Tax Payable | 6 | 60 | ||||
Other Current Liabilities | 248 | 224 | ||||
Assuming that all sales are on credit.
Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.)
2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.)
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