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QUESTION 8 Use the following Income Statement and Balance Sheet Information for 2018 to answer...

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Accounting

QUESTION 8 Use the following Income Statement and Balance Sheet Information for 2018 to answer the question below. This is a Retail Company. All numbers are in Millions. Income Statement Total Sales 211.5 Cost of Sales 159.7 Gross Profit 211.5-159.7 Selling and Administrative Expenses 19.5 Research and Development 6.4 Depreciation and Amortization 4.4 Other Income 4.8 EBIT 211.5-159.7-19.5-6.4-4.4+4.8 Interest Expense 6.3 Pretax Income 211.5-159.7-19.5-6.4-4.4+4.8-6.3 Taxes ( 211.5-159.7-19.5-6.4-4.4+4.8-6.3 )*0.30 Net Income ( 211.5-159.7-19.5-6.4-4.4+4.8-6.3 )*0.70 Balance Sheet Assets Liabilities Cash 75.4 Accounts Payable 46.6 Accounts Receivable 47.4 Notes Payable/Short term debt 1.1 Inventories 4.8 Total Current Assets 75.4+47.4+4.8 Total Current Liabilities 46.6+1.1 Net property, plant and equipment 101.9 Long-term debt 84.7 Total long-term assets 101.9 Total long-term debt liabilities 84.7 Total Liabilities 46.6+1.1+84.7 Stockholders' Equity (Total Equity) 75.4+ 47.4+4.8+101.9-46.6-1.1-84.7 Total Assets 75.4+47.4+4.8+101.9 Total Liabilities and Stockholders' Equity. 46.6+1.1+84.7+ 75.4+ 47.4+4.8+101.9-46.6-1.1-84.7 What is the company's inventory turnover ratio? NOTE: Use the numbers as is. Use four decimals for your answers

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