Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.9 billion and cost of goods sold of $1.8 billion. Fiscal Year Balance Sheet (in millions) Cash 2017 2016 $ 90 $ 60 Accounts Receivable, less allowance of $15 and $15 480 420 Inventories Prepaid Expenses Other Current Assets Accounts Payable Wages Payable Income Tax Payable Other Current Liabilities 260 238 30 15 416 365 90 69 50 80 12 72 230 215 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.) Current ratio 2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.) Inventory turnover Accounts receivable turnover times times
Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.9 billion and cost of goods sold of $1.8 billion. Fiscal Year Balance Sheet (in millions) Cash 2017 2016 $ 90 $ 60 Accounts Receivable, less allowance of $15 and $15 480 420 Inventories Prepaid Expenses Other Current Assets Accounts Payable Wages Payable Income Tax Payable Other Current Liabilities 260 238 30 15 416 365 90 69 50 80 12 72 230 215 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.) Current ratio 2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.) Inventory turnover Accounts receivable turnover times times
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer must be in table format or i will give down vote
Transcribed Image Text:Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.9 billion and cost of goods sold of $1.8 billion.
Fiscal Year
Balance Sheet (in millions)
Cash
2017 2016
$ 90 $ 60
Accounts Receivable, less allowance of $15 and $15
480 420
Inventories
Prepaid Expenses
Other Current Assets
Accounts Payable
Wages Payable
Income Tax Payable
Other Current Liabilities
260
238
30
15
416
365
90
69
50
80
12
72
230
215
Assuming that all sales are on credit.
Required:
1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.)
Current ratio
2. Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017. (Round your answers to 2 decimal place.)
Inventory turnover
Accounts receivable turnover
times
times
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