RECOMMENDED!!ACC 330-Sharp Uniforms designs, manufactures, and implements corporate

  

Sharp Uniforms designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers throughout the United States and Canada. Selected information from the company’s balance sheet follows.SHARP(in millions)Current Year Last Year (First number is current year second number is last year)Select Income Statement Information Net revenue$4,564 $4,328Cost of goods sold 2,655 2,541Selling, general, and administrative expenses 1,309 1,234Interest expense 84 82Income tax expense 239 202Net income 386 333Select Statement of Cash Flows Information Cash paid for interest 71 75Cash flows from operating activities 638 571Select Balance Sheet Information Cash and equivalents 525 376Marketable securities — 12Accounts receivable 520 523Inventories 263 258Prepaid expense and other current assets 38 31Accounts payable 180 127Current accrued expenses 407 366Current portion of long-term debt 7 20Other current liabilities 114 91Long-term debt 1,330 1,313Required:Compute the following ratiosreceivable turnover ratio , inventory turnover ratio, current ratio, cash ratio, times interest earned ratio, and cash coverage ratio.