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Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014. NORDSTORM,
Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for the year ending January 30, 2014. NORDSTORM, INC. Balance Sheet (partial) (in millions) End-of-Year Beginning-of-Year Cash and cash equivalents $ 795 $ 72 Accounts receivable (net) 2,035 1,942 Inventory 898 900 Prepaid expenses 88 93 Other current assets 238 210 Total current assets $4,054 $3,217 Total current liabilities $2,014 $1,601 For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions). (a) Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6 .) Current ratio :1 Acid-test ratio :1 Accounts receivable turnover times Inventory turnover times
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