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Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.6 billion and...

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Accounting

Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.6 billion and cost of goods sold of $1.6 billion.

Assume that for the 2017 fiscal year, AstroCo reported sales revenue of $3.6 billion and cost of goods sold of $1.6 billion.

Fiscal Year 2017 2016
Balance Sheet (in millions)
Cash $ 72 $ 42
Accounts Receivable, less allowance of $15 and $15 435 411
Inventories 242 230
Prepaid Expenses 20 15
Other Current Assets 410 347
Accounts Payable 100 65
Wages Payable 50 62
Income Tax Payable 8 70
Other Current Liabilities 212 206

Compute the inventory turnover ratio and accounts receivable turnover ratio for 2017.

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