Current Attempt in Progress Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets Total current liabilities End of Year Beginning of Year $750 $71 2,040 1,880 850 830 380 $4,020 $2,010 Current ratio 359 $3,140 $1,640 For the year, net credit sales were $8,232 million, cost of goods sold was $5.292 million, and net cash provided by operating activities was $1.251 million. Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year. (Round current ratio to 2 decimal places, eg. 1.82 and all other answers to 1 decimal place, eg. 1.8. Use 365 days for calculation)
Current Attempt in Progress Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets Total current liabilities End of Year Beginning of Year $750 $71 2,040 1,880 850 830 380 $4,020 $2,010 Current ratio 359 $3,140 $1,640 For the year, net credit sales were $8,232 million, cost of goods sold was $5.292 million, and net cash provided by operating activities was $1.251 million. Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year. (Round current ratio to 2 decimal places, eg. 1.82 and all other answers to 1 decimal place, eg. 1.8. Use 365 days for calculation)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022
are presented below.
Cash and cash equivalents
Accounts receivable (net)
Inventory
Other current assets
Total current assets
Total current liabilities
End of Year
$750
2,040
850
Current ratio
380
$4,020
$2,010
Beginning of Year
$71
1,880
830
359
$3,140
$1,640
For the year, net credit sales were $8,232 million, cost of goods sold was $5,292 million, and net cash provided by operating activities
was $1,251 million.
Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the
end of the current year. (Round current ratio to 2 decimal places, e.g. 1.82 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for
calculation.)
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