Forest Uniforms is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2019 fiscal year, the company reported sales revenue of $5.8 billion and Cost of Goods Sold of $4.0 billion. Fiscal Year Balance Sheet (amounts in millions) Cash and Cash Equivalents Accounts Receivable, Net Inventory Prepaid Rent and Other Current Assets Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Other Current Liabilities 2019 Current Ratio Inventory Turnover Ratio Accounts Receivable Turnover Ratio $ 510 800 315 750 195 490 110 25 2018 $ 415 750 325 630 175 490 25 305 Required: Assuming that all sales are on credit, compute the following ratios for 2019. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Forest Uniforms is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2019 fiscal year, the company reported sales revenue of $5.8 billion and Cost of Goods Sold of $4.0 billion. Fiscal Year Balance Sheet (amounts in millions) Cash and Cash Equivalents Accounts Receivable, Net Inventory Prepaid Rent and Other Current Assets Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Other Current Liabilities 2019 Current Ratio Inventory Turnover Ratio Accounts Receivable Turnover Ratio $ 510 800 315 750 195 490 110 25 2018 $ 415 750 325 630 175 490 25 305 Required: Assuming that all sales are on credit, compute the following ratios for 2019. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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