Jim Short’s Company makes clothing for schools. Sales in 20X1 were $4,720,000. Assets were as follows:...
Jim Short’s Company makes clothing for schools. Sales in 20X1 were $4,720,000. Assets were as follows:
| Cash | $ | 189,000 | |
| Accounts receivable | 883,000 | ||
| Inventory | 444,000 | ||
| Net plant and equipment | 574,000 | ||
| Total assets | $ | 2,090,000 | |
a. Compute the following: (Round your answers to 2 decimal places.)
Turnover Ratios
1.Accounts receivable times?
2.Inventory times?
3.Fixed asset times?
4.Total asset times?
b. In 20X2, sales increased to $5,220,000 and the assets for that year were as follows:
| Cash | $ | 189,000 | |
| Accounts receivable | 967,000 | ||
| Inventory | 993,000 | ||
| Net plant and equipment | 574,000 | ||
| Total assets | $ | 2,723,000 | |
Compute the following: (Round your answers to 2 decimal places.)
1.Accounts receivable times?
2.Inventory times?
3.Fixed asset times?
4.Total asset times?
Homework Answers
| Accounts receivable turnover = | sales/Account receivalbe | |||||||||
| 4720000/883000 | 5220000/967000 | |||||||||
| 5.35 | 5.40 | |||||||||
| Inventory turnover = | sales/inventory | |||||||||
| 4720000/444000 | 5220000/993000 | |||||||||
| 10.63 | 5.26 | |||||||||
| fixed asset turnover = | Sales/ net plant and equipment | |||||||||
| 4720000/574000 | 5220000/574000 | |||||||||
| 8.22 | 9.09 | |||||||||
| Total asset turnover = | sales/total asstets | |||||||||
| 4720000/2090000 | 5220000/2723000 | |||||||||
| 2.26 | 1.92 | |||||||||
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