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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.3 billion and cost of goods sold of $1.9 billion 2017 2016 Fiscal
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.3 billion and cost of goods sold of $1.9 billion 2017 2016 Fiscal Year Balance Sheet (in millions) Cash Accounts Receivable, less allowance of $15 and $15 Inventories Prepaid Expenses Other Current Assets Accounts Payable Wages Payable Income Tax Payable Other Current Liabilities 425 $ 100 $ 60 505 270 238 40 15 422 375 75 71 50 90 6 72 240 220 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 Accounts receivable turnover times tirties
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