Answer complete question otherwise skip it please Please provide answer in text (Without image) Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022are presented below.Cash and cash equivalentsAccounts receivable (net)InventoryOther current assetsTotal current assets.Total current liabilities.Current ratioAccounts receivable turnoverAverage collection periodEnd of YearInventory turnover$1,4413,900Days in inventory1,700619$7,660$3,830Beginning ofYear$ 1373,700For the year, net credit sales were $15,580 million, cost of goods sold was $10,200 million, and net cash provided by operatingactivities was $1,273 million.1,700Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory for thecurrent year. (Round Current ratio to 2 decimal places, e.g. 1.62 and all other answers to 1 decimal place, e.g. 1.6.)576$6,113$3,042:1timesdaystimesdays

Current ratio is the measure that helps the entity to determine its liquidity position. It is a liquidity ratio. It can be determined using current assets and current liabilities.End of yearBeginning of yearCash $ 1,441 $ 137Accounts receivables $ 3,900 $ 3,700Inventory $ 1,700 $ 1,700Other current assets $ 619 $ 576Total current assets $ 7,660 $ 6,113Total current liabilities $ 3,830 $ 3,042Net sale $ 15,580Cost of goods sold $ 10,200Current ratio2.00timesAccounts receivable turnover4.1timesAverage collection period89.0daysInventory turnover 6.0timesDays in inventory60.8daysFormulas:Current ratio2.00timesAccounts receivable turnover4.1timesAverage collection period89.0daysInventory turnover 6.0timesDays in inventory60.8days

Business

Accounting

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 Current ratio Accounts receivable turnover Average collection period End of Year Inventory turnover $1,441 Days in inventory 3,900 1,700 619 $7,660 $3,830 For the year, net credit sales were $15,580 million, cost of goods sold was $10,200 million, and net cash provided by operating activities was $1,273 million. Beginning of Year $ 137 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.) 3,700 1,700 576 $6,113 $3,042 :1 times days times. days

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 Current ratio Accounts receivable turnover Average collection period End of Year Inventory turnover $1,441 Days in inventory 3,900 1,700 619 $7,660 $3,830 For the year, net credit sales were $15,580 million, cost of goods sold was $10,200 million, and net cash provided by operating activities was $1,273 million. Beginning of Year $ 137 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.) 3,700 1,700 576 $6,113 $3,042 :1 times days times. days

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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