Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.0 billion and cost of goods sold of $1.7 billion. Fiscal Year Balance Sheet (in millions) Cash Accounts Receivable, less allowance of $15 and $15 Inventories Prepaid Expenses Other Current Assets. Accounts Payable Wages Payable Income Tax Payable Other Current Liabilities 2017 2016 Current ratio $82 $ 52 460 416 252 230 30 15 416 85 50 15 222 357 67 72 70 211 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.)

Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.0 billion and cost of goods sold of $1.7 billion. Fiscal Year Balance Sheet (in millions) Cash Accounts Receivable, less allowance of $15 and $15 Inventories Prepaid Expenses Other Current Assets. Accounts Payable Wages Payable Income Tax Payable Other Current Liabilities 2017 2016 Current ratio $82 $ 52 460 416 252 230 30 15 416 85 50 15 222 357 67 72 70 211 Assuming that all sales are on credit. Required: 1. Compute the current ratio for 2017. (Round your answer to 2 decimal places.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.8E

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