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Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $1,357 $133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 603 561 Total current assets $7,460 $5,994 Total current liabilities $3,730 $2,962 For the year, net credit sales were $15,170 million, cost of goods sold was $9,860 million, and net cash provided by operating activities was $1,263 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. 1.62 and all other answers to 1 decimal place, e.g. 1.6.) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory times days times days

Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $1,357 $133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 603 561 Total current assets $7,460 $5,994 Total current liabilities $3,730 $2,962 For the year, net credit sales were $15,170 million, cost of goods sold was $9,860 million, and net cash provided by operating activities was $1,263 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. 1.62 and all other answers to 1 decimal place, e.g. 1.6.) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory times days times days

FINANCIAL ACCOUNTING
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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Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $1,357 $ 133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 603 561 Total current assets $7,460 $5,994 Total current liabilities $3,730 $2,962 For the year, net credit sales were $15,170 million, cost of goods sold was $9,860 million, and net cash provided by operating activities was $1,263 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, e.g. 1.62 and all other answers to 1 decimal place, eg. 1.6.) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory :1 times days times days
Transcribed Image Text:Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End of Year Beginning of Year Cash and cash equivalents $1,357 $ 133 Accounts receivable (net) 3,800 3,600 Inventory 1,700 1,700 Other current assets 603 561 Total current assets $7,460 $5,994 Total current liabilities $3,730 $2,962 For the year, net credit sales were $15,170 million, cost of goods sold was $9,860 million, and net cash provided by operating activities was $1,263 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, e.g. 1.62 and all other answers to 1 decimal place, eg. 1.6.) Current ratio Accounts receivable turnover Average collection period Inventory turnover Days in inventory :1 times days times days
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