Cintas Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2013 fiscal year, the company reported sales revenue of $5.4 billion and Cost of Goods Sold of $3.6 billion.

Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2013, sales for the company were $91,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 50.8 percent. Account balances for that year follow:

The Sports Authority, Inc. is a private full-line sporting goods retailer. Assume one of the Sports Authority stores reported current assets of $87,325 and its current ratio was 1.75, and then completed the following transactions: (1) paid $6,500 on accounts payable, (2) purchased a delivery truck for $12,500 cash, (3) wrote off a bad account receivable for $1,500, and (4) paid previously declared dividends in the amount of $22,500.

2013 2012 Fiscal Year Balance Sheet (amounts in millions) Cash Accounts Receivable, net Inventories Prepaid Rent Accounts Payable Salaries and Wages Payable Income Tax Payable Notes Payable (short-term) $470 720 295 690 175 450 102 21 $395 670 305 590 155 450 21 285 Required: Assuming that all sales are on credit, compute the following ratios for 2013. (Round your answers to 2 decimal places.) Current Ratio Inventory Turnover Ratio Accounts Receivable Turnover Ratio Accounts receivable (net) Inventory Beginning $ 5,700 6,480 Ending S 6,100 6,500 Required: 1. Compute the following turnover ratios. (Do not round intermediate calculations. Round your final answers to 1 decimal place.) Receivables Turnover Ratio Inventory Turnover Ratio 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. (Round your intermediate calculations and final answers to 1 decimal place.) days Average Days to Collect Receivables Average Days to Sell Inventory days Compute the updated current ratio after each transaction, by showing the cumulative effects of the transactions in the following table. (Round your answers to 2 decimal places.) Current Ratio Transaction (1) Transaction (2) Transaction (3) Transaction (4)