Reference no: EM131441755
Question: Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,490,000. Assets were as follows: Cash $ 110,000 Accounts receivable 864,000 Inventory 493,000 Net plant and equipment 504,000 Total assets $ 1,971,000
a. Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios
1. Accounts receivable turnover times
2. Inventory turnover times
3. Fixed asset turnover times
4. Total asset turnover times +
b. In 20X2, sales increased to $5,040,000 and the assets for that year were as follows: Cash $ 110,000 Accounts receivable 981,000 Inventory 1,007,000 Net plant and equipment 504,000 Total assets $ 2,602,000 Turnover Ratios
1. Accounts receivable turnover times
2. Inventory turnover times
3. Fixed asset turnover times
4. Total asset turnover times + Compute the following: (Round your answers to 2 decimal places.)
c. Is there an improvement or a decline in the total asset turnover? Decline Improvement
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