Cintas Corporation designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers throughout the United States and Canada. The company's stock is traded on the NASDAQ and has provided investors with significant ROES over the past few years. Selected information from the company's statement of financial position follows. The company reported revenue of $6,476.6 million and cost of sales of $3.568.1 million for fiscal year 2018: (amounts in millions) Cash and cash equivalents Short-term investments. Accounts receivable, less allowance of $33.5 and $20.5, respectively Inventories, net Prepaid expenses Accounts payable CINTAS CORPORATION Statement of Financial Position As of May 31 Accrued compensation and related liabilities Accrued liabilities Debt due within one year Current ratio Quick ratio inventory turnover ratio Receivables turnover ratio 2018 $138.7 times times 884.6 280.3 32.4 215.1 140.7 420.1 Required: Compute the current ratio, quick ratio, inventory turnover ratio, and receivables turnover ratio (assuming that 60 percent of sales were on credit) for 2018. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) 4 2017 $169.3 22.2 736.0 278.2 30.1 177.1 149.6 429.8 362.9
Cintas Corporation designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers throughout the United States and Canada. The company's stock is traded on the NASDAQ and has provided investors with significant ROES over the past few years. Selected information from the company's statement of financial position follows. The company reported revenue of $6,476.6 million and cost of sales of $3.568.1 million for fiscal year 2018: (amounts in millions) Cash and cash equivalents Short-term investments. Accounts receivable, less allowance of $33.5 and $20.5, respectively Inventories, net Prepaid expenses Accounts payable CINTAS CORPORATION Statement of Financial Position As of May 31 Accrued compensation and related liabilities Accrued liabilities Debt due within one year Current ratio Quick ratio inventory turnover ratio Receivables turnover ratio 2018 $138.7 times times 884.6 280.3 32.4 215.1 140.7 420.1 Required: Compute the current ratio, quick ratio, inventory turnover ratio, and receivables turnover ratio (assuming that 60 percent of sales were on credit) for 2018. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) 4 2017 $169.3 22.2 736.0 278.2 30.1 177.1 149.6 429.8 362.9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
Transcribed Image Text:Cintas Corporation designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers
throughout the United States and Canada. The company's stock is traded on the NASDAQ and has provided investors with significant
ROES over the past few years. Selected information from the company's statement of financial position follows. The company reported
revenue of $6,476.6 million and cost of sales of $3.568.1 million for fiscal year 2018:
(amounts in millions)
Cash and cash equivalents
Short-term investments i
Accounts receivable, less allowance of $33.5 and $20.5,
respectively
Inventories, net
CINTAS CORPORATION
Statement of Financial Position
As of May 31
Prepaid expenses
Accounts payable
Accrued compensation and related liabilities
Accrued liabilities
Debt due within one year
Current ratio
Quick ratio
inventory turnover ratio
Receivables turnover ratio
2018
$138.7
times
times
884.6
280.3
32.4
215.1
140.7
420.1
Required:
Compute the current ratio, quick ratio, inventory turnover ratio, and receivables turnover ratio (assuming that 60 percent of sales were
on credit) for 2018. (Do not round intermediate calculations. Round the final answers to 2 decimal places.)
4
2017
$169.3
22.2
736.0
278.2
30.1
177.1
149.6
429.8
362.9
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education