Question
Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for a recent year. NORDSTORM, INC. Balance Sheet
Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for a recent year. NORDSTORM, INC. Balance Sheet (partial) (in millions) End-of-Year Beginning-of-Year Cash and cash equivalents $ 1,431 $ 130 Accounts receivable (net) 3,663 3,496 Inventory 1,616 1,620 Prepaid expenses 158 167 Other current assets 428 378 Total current assets $7,296 $5,791 Total current liabilities $3,625 $2,882 For the year, net sales were $14,864 and cost of goods sold was $9,590 (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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