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Jim Shorts Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as...

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Accounting

Jim Shorts Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as follows:

Cash $ 133,000
Accounts receivable 850,000
Inventory 426,000
Net plant and equipment 536,000
Total assets $ 1,945,000

Compute the following:

Note: Round your answers to 2 decimal places.

In 20X2, sales increased to $5,870,000 and the assets for that year were as follows:

Cash $ 133,000
Accounts receivable 978,000
Inventory 1,038,000
Net plant and equipment 536,000
Total assets $ 2,685,000

Compute the following:

Note: Round your answers to 2 decimal places.

Is there an improvement or a decline in the total asset turnover?

  1. multiple choice

Decline

Improvement

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