E13-8 Computing and Interpreting Liquidity Ratios (LO 13-4, LO 13-5] Trim Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2016 fiscal year, the company reported sales revenue of $4.7 billion and Cost of Goods Sold of $2.9 billion. Fiscal Year 2016 2015 Balance Sheet (amounts in millions) Cash and Cash Equivalents $400 $360 Accounts Receivable, net 580 Inventories 260 270 Prepaid Rent and Other Current Assets 585 520 Accounts Payable 140 120 Salaries and Wages Payable 380 380 Notes Payable (short-term) 88 Other Current Liabilities 250 530 14 14 Required: Assuming that all sales are on credit, compute the following ratios for 2016. (Round your answers to 2 decimal places.) Current Ratio Inventory Turnover Ratio Accounts Receivable Turnover Ratio