Jim Shorts Company makes clothing for schools. Sales in 20X1 were $4,470,000. Assets were as...
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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?
- multiple choice
Decline
Improvement
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