Problem 3-21 (Algo) Turnover ratios [LO3-2] Jim Shorts Company makes clothing for schools. Sales in 20X1 were $4,140,000. Assets were as follows: Cash $ 160,000 Accounts receivable 812,000 Inventory 413,000 Net plant and equipment 571,000 Total assets $ 1,956,000 Compute the following: Note: Round your answers to 2 decimal places. In 20X2, sales increased to $5,200,000 and the assets for that year were as follows: Cash $ 160,000 Accounts receivable 915,000 Inventory 990,000 Net plant and equipment 571,000 Total assets $ 2,636,000 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

Problem 3-21 (Algo) Turnover ratlos [LO3-2] Jim Short's Company makes clothing for schools. Sales in 201 were $4,140,000. Assets were as follows: o. Compute the following: Note: Round your answers to 2 decimal places. b. In 202, sales increased to $5,200,000 and the assets for that year were as follows: Compute the following: Note: Round your answers to 2 decimal places. c. Is there an improvement or a decline in the total asset turnover? Decline Improvement