Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,310,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Cash Accounts receivable Inventory $ 160,000 870,000 443,000 500,000 $ 1,973,000 b. In 20X2, sales increased to $5,130,000 and the assets for that year were as follows: Net plant and equipment Total assets Turnover Ratios times times times times 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover $ 160,000 951,000 1,062,000 500,000 $ 2,673,000 Compute the following: Note: Round your answers to 2 decimal places. Turnover Ratios times times times times

Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,310,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: Note: Round your answers to 2 decimal places. 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Cash Accounts receivable Inventory $ 160,000 870,000 443,000 500,000 $ 1,973,000 b. In 20X2, sales increased to $5,130,000 and the assets for that year were as follows: Net plant and equipment Total assets Turnover Ratios times times times times 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover $ 160,000 951,000 1,062,000 500,000 $ 2,673,000 Compute the following: Note: Round your answers to 2 decimal places. Turnover Ratios times times times times

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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An excerpt from Ivanhoe Company's accounting records is provided below. Sales revenue $627,000 Cost of goods sold 346,500 Wages expense 123,750 Depreciation expense 15,675 Rent expense 50,325 Interest expense 4,950 Income tax expense 14,850 Retained earnings 36,300 Dividends declared 16,500 Wages payable 12,375 Cash 41,250 Accounts receivable 61,875 Accounts payable 82,500 M σε Ac Q Ac Q Ac Using only the data provided above, record all the required closing entries using proper Journal Entry form. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Q Ac A C M N
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