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Consolidated SW Inc. Financials Income Statement 2016 2017 14,850 104 Net sales Cost of good sold Depreciation EBIT 722 12,474 1,337 393 1,039 1,219 73

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Consolidated SW Inc. Financials Income Statement 2016 2017 14,850 104 Net sales Cost of good sold Depreciation EBIT 722 12,474 1,337 393 1,039 1,219 73 4,116 Interest expense Tax (2596) Net Income 242 5,335 724 Balance Sheet 2017 Assets 2016 Cash and 13,973 110 securities Accounts 12,325 715 receivable 1,258 Inventories 385 Total current 390 assets 1,210 80 Net fixed assets 4,290 78 Total assets 5,500 232 Liabilities and Owners' Equity Accounts payable 275 Short-term notes 550 Total current liabilities 825 Long-term debt 603 Common stock 1,262 Retained earnings 2,810 Total liabilities and owners' equity 5,500 278 577 855 662 1,025 2,793 5,335 Given the financial statements for SW Inc. above, comme on the change in asset turnover over the past two years? Asset turnover has increased showing a higher utilization of assets in generating revenue Asset turnover is unchanged showing a higher utilization of assets in generating revenue Asset turnover is unchanged showing a lower utilization of assets in generating revenue Asset turnover has declined showing a lower utilization of assets in generating revenue Asset turnover has increased showing a lower utilization of assets in generating revenue

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