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Smith Corporation 2018 Statement of comprehensive income ($ in millions) Net sales $8,324 Cost of goods sold $4,988 Depreciation $1,190 Earnings Before interest and taxes
Smith Corporation 2018 Statement of comprehensive income ($ in millions) Net sales $8,324 Cost of goods sold $4,988 Depreciation $1,190 Earnings Before interest and taxes $2,146 Interest paid $320 Taxable income $1,826 Taxes $621 Net income $1,205 Dividends paid $400 Addition to retained earnings $805 Smith Corporation Statement of financial position Years ended 2017 and 2018 ($ in millions) 2017 2018 2017 2018 Cash $5,415 $3,341 Accounts payable 1,110 1,650 Accounts rec. $2,460 $979 Notes payable 2,500 1,900 Inventory 2,405 2,885 Total 3,610 3,550 Total 10,280 7,205 Long-term debt 4,800 4,600 Net fixed assets 12,300 16,720 Common stock 5,100 5,900 Retained earnings 9,070 9,875 Total assets 22,580 23,925 Total liabilities and Owner's equity 22,580 23,925 What is the net working capital turnover rate for 2018? 2.34 2.28 2.87 1.16 1.25
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