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Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2017 are presented below. Exercise 13-7 Nordstrom, Inc. operates
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2017 are presented below.
Exercise 13-7 Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2017 are presented below. End of Year Beginning of Year 800 Cash and cash equivalents 73 Accounts receivable (net) 1,980 1,890 Inventory 860 900 Other current assets 770 417 Total current assets $4,410 $3,280 $2,000 Total current liabilities $1,630 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million. Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover and days in inventory at the end of the current year. (Round current ratio to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation.) Current ratio Accounts receivable turnover times Average collection period days Inventory turnover times Days in inventory daysStep by Step Solution
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