Granite, Incorporated 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 $6.1 billion and Cost of Goods Sold of $4.3 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 $ 540 860 330 795 210 520 116 28 2018 $430 810 340 660 190 520 28 320 Required: Assuming that all sales are on credit, compute the following ratios for 2019. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Granite, Incorporated 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 $6.1 billion and Cost of Goods Sold of $4.3 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
$ 540
860
330
795
210
520
116
28
2018
$430
810
340
660
190
520
28
320
Required:
Assuming that all sales are on credit, compute the following ratios for 2019.
Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.
Transcribed Image Text:Granite, Incorporated 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 $6.1 billion and Cost of Goods Sold of $4.3 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 $ 540 860 330 795 210 520 116 28 2018 $430 810 340 660 190 520 28 320 Required: Assuming that all sales are on credit, compute the following ratios for 2019. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places.
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