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I wileyPLUS e Home I Chegg.com Montana c secure https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS: MywileyPLUS I Hep I Contact Us 1 Loa Out WileyPLUS wyandt, Accounting Principles, 128 Principles of Accounting 12e (ACC 171/272) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment> Open Assignment FULL SCREENPRINTER VERSION BACK Exercise 18-5 Chapter 18 Suppose Nordstrom, Inc., which operates department stores in numerous states, has the following selected financial statement data for a recent year. INC Balance Sheet (partial) in millions) End-of-Year nning-of-Year Cash and cash equivalents Accounts recelvable (net) s 875 S 79 2,136 90 102 231 $3,538 $1,76L Review Score Review Results 2,239 Prepaid expenses Other current assets Total current assets Total current liabilities 97 262 $4,461 $2,215 For the year, net sales were s9,084 and cost of goods sold was s5,861 (in millions). Compute the four liquidity ratios at the end of the year. (Round answers to 1 decimal place, e.g. 1.6 Current retio Acid-test ratio Accounts reccrvabie tumover Inventory turnover tmes times Version 4.24.2.4

Explanation / Answer

1.

Current ratio = current assets / current liabilities Current ratio = $4,461/$2,215 Current ratio = 2.0:1

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