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b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 978,000 1,038,000 536,000 $2,685,000 Compute the following: (Round your answers to 2 decimal places.) Patine

b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 978,000 1,038,000 536,000 $2,685,000 Compute the following: (Round your answers to 2 decimal places.) Patine

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 978.000 1,038,000 536,000 $2,685,000 Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset tumover Turnover Ratios times times times times c. Is there an improvement or a decline in the total asset turnover?
Transcribed Image Text:b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 978.000 1,038,000 536,000 $2,685,000 Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset tumover Turnover Ratios times times times times c. Is there an improvement or a decline in the total asset turnover?
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