Calculate and properly express the 2016 (fiscal year ended Jan 28th, 2017) accounts recivable turnover ratio for staples. Assume All Sales Represent "Credit Sales".

STAPLES, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Dollar Amounts in Millions) The Year Ended Operating Activities: Jamuary 2016 January 1, 2015 Net (loss) income $1497 Adjustments to reconcile nellons) income to me cash provided by pergadies ST 3135 Depreciation 37 Amortization of intangibles 56 405 Loss (gain) on sale of businesses and assets, nel 160 82 Interest and fees paid from restricted cash account net 66 Impairment of goodwill and long-lived assets 1.700 Inventory write-downs related to restructuring activities 25 Stock-based compensation 61 34 Excess tax benefits from stock based compensation angements - Deferred income tax expense (bene) 57 Other 10 12 Changes in assets and abilities Decrease increase) in receivables 21 Decrease in merchandise inventories 63 62 Decrease increase) in prepaid expenses and other assets 34 138 Increase (decrease) in accounts payable 4 (Decrease) increase in accrued expenses and other listes (140) (Decrease) increase in other long-term obligations (58) 13 1.04 Net cash provided by operating activities 934 *1-12-30 858988 Investing Activities: Acquisition of property and equipment (255) Proceeds from the sale of property and equipment 14 Sale of businesses, net 55 Increase in restricted cash (66) Acquisition of businesses, net of cash acquired (46) Cost method investments (15) Net cash used in Investing activities (311) 5 59 TB 4 375 30 187 41 7 49 23 (311 308) 5 Financing Activities: Proceeds from the exercise of stock options and sale of stock under employee stock purchase plans Proceeds from borrowings Payments on borrowings, including payment of deferred financing fees and captal lease obligations Cash dividends paid Excess tax benefits from stock-based compensation arrangements Repurchase of common stock Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Add: Cash and cash equivalents attributed to disposal group held for sale at February 1, 2014 Cash and cash equivalents at the end of the period $1,137 5825 5627 See notes to consolidated financial statements 13) 316 7 312 325 375 120 198 527 825 150 1307 1 1208) (4931 146 127 492 619 STAPLES, INC. AND SUBSIDIARIES Consolidated Statements of Stockholders' Equity (continued) (Dollar and Share Amounts in Millions) AGU Outstanding Comme Adil mer Retina Co Soch Pumave me Stock Capital T Sig Sicher 1 T T T 17 - - - - - $ * 370 008 119 11 III III Till IIIIII suance of common stock for stock options exerce 1 Share issued upon grant of Restricted Stock Awards and vesting of Restricted to Units not of forestures 3 Net tax expense related to shortfall on exercise of stock option Stock-based compensation - Sale of common stock und employee stock purchase plan Not Income for the year Common stock dividend - Other comprehensive Repurchase of common stock (1) Other Balances at January 30, 2016 646 Shares issued upon grant of Restricted Stock Awards and vesting of Restricted stock Units net of forfeturer 3 Netfax expense related to shortfall on erine of stock options Stock-based compensation - Sale of common stock under employee stock purchase plan 4 Net Income for the year Common stock dividend Other comprehensive loss Repurchase of common stock - Balances at January 28, 2017 653 315 1300 179 220 1241 33 $5010 1 116) 690035475) 18 53 354 - - 1 - (29 61 11 TI 111 65 18 III (1497 311 1.4 III 60 1139 55067 S11053) 1509255419 53.60 STAPLES, INC. AND SUBSIDIARIES Consolidated Statements of Stockholders' Equity (Dollar and Share Amounts in Millions) 15 - - Eauty Annexple, ACUM Outstanding Canon Add Commen O Palan TUT Stach Paid- Comprensive Camaye Sog' Stot Capi L Egy Balances at February 1, 2014 653 51 $4866 556 5001 $5229 34141 Issuance of common stock for stock options exerced1 11 Net tax expense related to shorttalione nexercise of stock options IZD 27 Stock and compensation 54 64 Sale of common stock under employee stock purchase plan 38 38 Nel income for the year 195 Common stock dividend - DOT Other comprehensive Repurchase of common stock (17) 11 201 Other Balances at January 31, 2015 5640 $4.935 31.341 $8 825 554101 3533 11 1 1 1 1 1 1 ili BU illis STAPLES, INC. AND SUBSIDIARIES Consolidated Statements of income (Dollar Amounts in Millions, Except Share Data) 23. 2011 11020 19.40 4750 Yearted January 30 20 516,784 137 4907 January 3, 2015 119.854 14540 50 345 3,990 40 - Sales Cost of goods sold and occupancy costs Gross profit Operating expenses Seling general and adminative Marger termination to Impairment of goodwill and long-ted Restructuring charges Amortization of intangibles Total operating expenses L01) gain on sale of businesses and assets.net Operating cons) income 250 TO 3a 59 4002 37 105 54 4,140 156 40 4771 20 0541 713 296 6 2 4481 (126 10 13 0521 TOT (4501 102 253 128 125 Other income (expenses Interest income Interest experts Loss only exlingualment of det Other income (expense), net (Loss) income from continuing operation before income as Income tax expense (Loss) Income from continuing operations Discontinued operations Protax (los) income of discontinued operations Los recognised on classification as held for sale Loos on sale Total pretax (los) income of discontinued options Income tax (ben) expense (1056) income from discontinued operations, net of income taxes - 1720 10 000 231) 114 110451 23 61 15 $ 10 31.457) Netloss) income $579 5135 3071 1.60 5231 5071 1012 $0.50 $0.19 0,02 9021 Basic Earings per share Continuing operations Discontinued operations Consoldated operations Damings per Share Continuing operations Discontinued operations Consoldwed operations 50.71 3071 180 $123 0122 10:19 002 $0.21 3045 30:40 Dividends declared per common share 5040 See notes to consolidated financial statements STAPLES, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Dollar Amounts in Millions, Except Share Data) 5225 ASSETS Current assets Cash and cash equivalent Recewables.net Merchandise inventories Prepaid expenses and current Current set of corredopere Total current assets 5132 15 11 1791 273 640 512 5251 1.17 5256 205 2030 1010 50 2T Property and equipment, net Intangible sets, net of accumulated amortization Goodwill Others Noncurrent assets of discontinued cerations Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and current Sabri Debt maturing within one year Current abilities of discontinued operations Total current liabilities 31705 1603 515 $1585 11 15 08 3550 5.265 520 10 1016 44 - Long-term debt Other long-term obligations Noncurrent abilities of discontinued operations Stockholders equity Preferred stock. Sot par value 5.000.000 shares authorized, no shares Sud Common Mock. $.0006 par value. 2 100 000 000 shares autressed and outstanding 953.711270 and 652.470.081 shares at January 28, 2017 and 945.964792 545.723.603 shares rury 30, 2016 Additional paid in capital Accumulated other comprehensive 1055 Retained earnings Less Treasury stock at cost 301 241.109 shares at January 28, 2017 and January 30, 2015 Total Staples, Inc. stockholders' equilty Noncontrolling interests Total stockholders' equity Total abilities and stockholders' equity 1 500 (103 5.00 5:41 30 5.000 1110 8.000 5411 5371 8 5.384 310172 1.596 58271