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Trim Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2016 fiscal year, the company
Trim Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2016 fiscal year, the company reported sales revenue of $5.7 billion and Cost of Goods Sold of $3.9 billion. Fiscal Year 2016 2015 Balance Sheet (amounts in millions) Cash and Cash Equivalents $500 $410 Accounts Receivable, net 780 730 Inventory 310 320 Prepaid Rent and Other Current Assets 735 620 Accounts Payable 190 170 Salaries and Wages Payable 480 480 Notes Payable (short-term) 108 24 Other Current Liabilities 24 300 Required: Assuming that all sales are on credit, compute the following ratios for 2016. (Round your answers to 2 decimal places.) Current Ratio Inventory Turnover Ratio Accounts Receivable Turnover Ratio
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