Question
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below. End of Year Beginning of
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below.
End of Year | Beginning of Year | |||||||
---|---|---|---|---|---|---|---|---|
Cash and cash equivalents | $ 1,291 | $ 126 | ||||||
Accounts receivable (net) | 3,600 | 3,400 | ||||||
Inventory | 1,598 | 1,600 | ||||||
Other current assets | 571 | 531 | ||||||
Total current assets | $7,060 | $5,657 | ||||||
Total current liabilities | $3,530 | $2,802 |
For the year, net credit sales were $14,350 million, cost of goods sold was $9,280 million, and net cash provided by operating activities was $1,255 million. Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for the current year. (Round answers to 1 decimal place, e.g. 1.6.)
Current ratio | enter ratio rounded to 1 decimal place | :1 | |
---|---|---|---|
Accounts receivable turnover | enter a number of times rounded to 1 decimal place | times | |
Average collection period | enter a number of days rounded to 1 decimal place | days | |
Inventory turnover | enter a number of times rounded to 1 decimal place | times | |
Days in inventory | enter a number of days rounded to 1 decimal place | days |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started