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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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
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