are presented below. Beginning of End of Year Year Cash and cash equivalents $1,357 $133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 976 561
are presented below. Beginning of End of Year Year Cash and cash equivalents $1,357 $133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 976 561
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Topic Video
Question
Inventory turnover __________ times
Days in inventory ___________ days
Transcribed Image Text:Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022
are presented below.
Beginning of
Year
End of Year
Cash and cash equivalents
$1,357
$133
Accounts receivable (net)
3,800
3,600
Inventory
1,700
1,700
Other current assets
976
561
Total current assets
$7,833
$5,994
Total current liabilities
$3,730
$2,962
For the year, net credit sales were $15,170 million, cost of goods sold was $9,860 million, and net cash provided by operating activities
was $1,259 million,
Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for the
current year. (Round Current ratio to 2 decimal places, e.g. 1.62 and all other answers to 1 decimal place, e.g. 1.6.)
Current ratio
2.1
:1
Accounts receivable turnover
1.025
times
Average collection period
days
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