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Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 850,000 426,000 536,000 $1,945,000 a. Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Turnover Ratios times times times times

Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets $ 133,000 850,000 426,000 536,000 $1,945,000 a. Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover Turnover Ratios times times times times

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable tumover 2. Inventory tumover 3. Fixed asset tumover 4. Total asset turnover $ 133,000 850,000 426,000 536,000 $1,945,000 Cash Accounts receivable Turnover Ratios b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: times times times times 133,000 978,000
Transcribed Image Text:Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows: Cash Accounts receivable Inventory Net plant and equipment Total assets a. Compute the following: (Round your answers to 2 decimal places.) 1. Accounts receivable tumover 2. Inventory tumover 3. Fixed asset tumover 4. Total asset turnover $ 133,000 850,000 426,000 536,000 $1,945,000 Cash Accounts receivable Turnover Ratios b. In 20X2, sales increased to $5,870,000 and the assets for that year were as follows: times times times times 133,000 978,000
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