HomeworkLib
Question

Jim Shorts Company makes clothing for schools. Sales in 20X1 were S4,580,000. Assets were as follows Cash Accounts receivable Inventory Net plant and equipment 5 188,000 834.000 485,000 Total assets 5 2,088,000 a. Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover times times times times b. In 20X2, sales increased to S5,500,000 and the assets for that year were as follows Cash Accounts receivable 5 188,000 925,000 1,031.000 581,000 5 2,725,000 Net plant and equipment Total assets Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios 1. Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover times times times times

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

2Inventory turnover 3 Fixed asset turnover 4 1 a) Accounts receivable turnover Sales/Accounts receivable 5.49 -4580000/834000 Sales/Inventory Sales/Fixed assets Sales/Total assets 9.44 -4580000/485000 7.88 -4580000/581000 2.19 -4580000/2088000 Total asset turnover 6 b) Accounts receivable turnover Sales/Accounts receivable 5.95 -5500000/925000 Sales/Inventory Sales/Fixed assets Sales/Total assets 7Inventory turnover 8 Fixed asset turnover 9 Total asset turnover 5.33 -5500000/1031000 9.47 -5500000/581000 2.02 -5500000/2725000

0 0
Add a comment
Know the answer?
Add Answer to:
Jim Short's Company makes clothing for schools. Sales in 20X1 were S4,580,000. Assets were as follows...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,880,000. Assets were as follows...

    Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,880,000. Assets were as follows Cash Accounts receivable Inventory $ 116,000 822,000 427,000 Net plant and equipment517,000 $ 1,882,000 Total assets a. Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios Accounts receivable 1. turnover 2. Inventory turnover 3.Fixed asset turnover 4. Total asset turnover times times times times b. In 20X2, sales increased to $5,470,000 and the assets for that year were as follows: Cash...

  • Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,880,000. Assets were as follows...

    Jim Short's Company makes clothing for schools. Sales in 20X1 were $4,880,000. Assets were as follows Cash Accounts receivable Inventory Net plant and equipment $116,000 822,000 427,000 517,000 $ 1,882,000 Total assets a. Compute the following: (Round your answers to 2 decimal places.) Turnover Ratios Accounts receivable turnover 2. Inventory turnover 3. Fixed asset turnover 4. Total asset turnover times times times times b. In 20X2, sales increased to $5,470,000 and the assets for that year were as follows Cash...

  • 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...

  • In 20X2, sales increased to $5,740,000 and the assets for that year were as follows: cash...

    In 20X2, sales increased to $5,740,000 and the assets for that year were as follows: cash $163,000 Accounts receivable 924,000 inventory 1,063,000 net plant and equipment 520,000 total assets $2,670,000 Compute the following: round your answers to 2 decimal places (times) Accounts receivable turnover inventory turnover fixed asset turnover total asset turnover

  • For December 31, 20X1, the balance sheet of Baxter Corporation was as follows:    Current Assets...

    For December 31, 20X1, the balance sheet of Baxter Corporation was as follows:    Current Assets Liabilities Cash $ 19,000 Accounts payable $ 21,000 Accounts receivable 24,000 Notes payable 29,000 Inventory 34,000 Bonds payable 59,000 Prepaid expenses 12,900 Fixed Assets Stockholders’ Equity Gross plant and equipment $ 259,000 Preferred stock $ 29,000 Less: Accumulated depreciation 51,800 Common stock 64,000 Paid in Capital 34,000 Net plant and equipment $ 207,200 Retained earnings 61,100 Total assets $ 297,100 Total liabilities and stockholders’...

  • For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilities...

    For December 31, 20X1, the balance sheet of Baxter Corporation was as follows Current Assets Liabilities Cash Accounts receivable Inventory Prepaid expenses $ 22,000 30,000 60,000 S 20,000 Accounts payable 25,000 Notes payable 35,000 Bonds payable 13,000 Fixed Assets Stockholders' Equity $ 30,000 65,000 35,000 59,000 $301,000 Gross plant and equipment Less: Accumulated depreciation $ 260,000 Preferred stock 52,000 Common stock SA Paid in Capital $ 208,000Retained earnings Net plant and equipment Total assets 301,000 Total liabilities and stockholders' equity...

  • For December 31, 20X1. the balance sheet of Baxter Corporation was as follows: Current Assets Cash...

    For December 31, 20X1. the balance sheet of Baxter Corporation was as follows: Current Assets Cash Accounts receivable Inventory Prepaid expenses Fixed Assets Gross plant and equipment Less: Accumulated depreciation $ 25,000 33,000 63,000 Liabilities $ 23,000 Accounts payable 28,000 Notes payable 38,000 Bonds payable 13,300 Stockholders' Equity $ 263,000 Preferred stock 52,600 Common stock Paid in Capital $ 210,480 Retained earnings $ 312,700 Total liabilities and stockholders' equity Net plant and equipment Total assets $ 33,000 68,000 38,000 52,700...

  • For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities...

    For December 31, 20X1, the balance sheet of Baxter Corporation was as follows: Current Assets Liabilities Cash $ 20,000 Accounts payable $ 22,000 Accounts receivable 25,000 Notes payable 30,000 Inventory 35,000 Bonds payable 60,000 Prepaid expenses 13,000 Fixed Assets Stockholders’ Equity Gross plant and equipment $ 260,000 Preferred stock $ 30,000 Less: Accumulated depreciation 52,000 Common stock 65,000 Paid in Capital 35,000 Net plant and equipment $ 208,000 Retained earnings 59,000 Total assets $ 301,000 Total liabilities and stockholders’ equity...

  • Comparative Balance Sheets For 20X1 and 20X2 Year-End Year-End Assets 20X1 20X2 Current assets: Cash $...

    Comparative Balance Sheets For 20X1 and 20X2 Year-End Year-End Assets 20X1 20X2 Current assets: Cash $ 70,000 $100,000 Accounts receivable (net) 300,000 350,000 Inventory 410,000 430,000 Prepaid expenses 50,000 30,000 Total current assets 830,000 910,000 Investments (long-term securities) 80,000 70,000 Plant and equipment 2,000,000 2,400,000 Less: Accumulated depreciation 1,000,000 1,150,000 Net plant and equipment 1,000,000 1,250,000 Total assets $1,910,000 $2,230,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 250,000 $ 440,000 Notes payable 400,000 400,000 Accrued expenses 70,000 50,000...

  • For December 31, 20X1, the balance sheet of Baxter Corporation was as follows:    ...

    For December 31, 20X1, the balance sheet of Baxter Corporation was as follows:  Current AssetsLiabilitiesCash$13,000Accounts payable$15,000Accounts receivable18,000Notes payable23,000Inventory28,000Bonds payable53,000Prepaid expenses12,300Fixed AssetsStockholders’ EquityGross plant and equipment$253,000Preferred stock$23,000Less: Accumulated depreciation50,600Common stock58,000Paid in Capital28,000Net plant and equipment$202,400Retained earnings73,700Total assets$273,700Total liabilities and stockholders’ equity$273,700Sales for 20X2 were $235,000, and the cost of goods sold was 60 percent of sales. Selling and administrative expense was $23,500. Depreciation expense was 11 percent of plant and equipment (gross) at the beginning of the year. Interest expense for the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT