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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