To make it easier thought I might post up the financial statements.
Balance sheet for Woolworths 2011 2010
Current assets
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Cash 1,519.6 713.4
Trade and other receivables 1,122.2 916.8
Inventories 3,736.5 3,438.8
Assets held for sale 93.9 37.3
Other financial assets 120.8 92.7
Total current assets 6,593.0 5,199.0
Income statement 2011 2010
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Revenue from the sale of goods 54,142.9 51,694.3
Other operating revenue 136.6 90.5
Cost of sales (40,186.3) (38,391.2)
Gross profit 14,093.2 13,393.6
Other revenue 226.2 179.3
Branch expenses (8,583.8) (8,165.4)
Administration expenses (2,459.2) (2,325.4)
Earnings before interest and tax 3,276.4 3,082.1
Financial expense (300.0) (238.5)
Financial income 38.5 27.0
Net financing cost (261.5) (211.5)
Net profit before income tax 3,014.9 2,870.6
Income tax expense (874.6) (832.6)
Profit after income tax expense 2,140.3 2,038.0
So for 2011, the average net accounts receivables is ( $1,122.2 (2011) + $916.8 (2010) ) divide by 2
ie: average receivables = $1,019.5
And you're saying net credit sales is net profit = 2,140.3
So the turnover ratio is 2,140.3 / 1,019.5 = 2.1
Would I have to deduct cash from net profit as this makes more sense to calculate a net credit sales figure.