FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Subject: acounting 

For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 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 for the current year. (Round current ratio to 2 decimal places, eg. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory 1.91 212 172 31 117.7 :1 times days times days h
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Transcribed Image Text:For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 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 for the current year. (Round current ratio to 2 decimal places, eg. 1.83 and all other answers to 1 decimal place, e.g. 1.8. Use 365 days for calculation) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory 1.91 212 172 31 117.7 :1 times days times days h
Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2025 are presented below. Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets Total current liabilities End of Year $750 2,080 800 290 $3,920 $2,050 Beginning of Year $77 1.800 900 353 $3,130 $1,600 For the year, net credit sales were $8.258 million, comoods sold was $5,328 million, and net cash provided by operating activities was $1,251 million.
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Transcribed Image Text:Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2025 are presented below. Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets Total current liabilities End of Year $750 2,080 800 290 $3,920 $2,050 Beginning of Year $77 1.800 900 353 $3,130 $1,600 For the year, net credit sales were $8.258 million, comoods sold was $5,328 million, and net cash provided by operating activities was $1,251 million.
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