Problem
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2017 are presented below.
|
End of Year
|
Beginning of Year
|
|
Cash and cash equivalents
|
$ 750
|
$ 73
|
|
Accounts receivable (net)
|
1,910
|
1,900
|
|
Inventory
|
840
|
910
|
|
Other current assets
|
910
|
417
|
|
Total current assets
|
$4,410
|
$3,300
|
|
Total current liabilities
|
$2,070
|
$1,590
|
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 at the end of the current year.