Below is financial data for Computech Industries' current year. Net sales on account during year $500,000 Cost of merchandise sold during year 300,000 Accounts receivable, beginning of year 45,000 Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 Refer to the data for Computech Industries. Based on this information, what is Computech's
inventory turnover ratio for the current period?
a. 1.67 times
b. 2.73 times
c. 0.33 times
d. 3.00 times
d
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The Dividend account is known as which of the following?
a. Nominal account b. Closing account c. Real account d. both b and c
Stock dividends affect the par value per share of the stock
a. True b. False Indicate whether the statement is true or false
Development costs related to computer software that is to be sold, leased, or otherwise marketed should be accounted for in which of the following ways?
A) ?All software development costs incurred between the establishment of technological feasibility and general release should be recorded as R&D expense. B) ?All software development costs incurred between the establishment of technological feasibility and general release should be capitalized. C) ?All software development costs should be capitalized until technological feasibility is established. D) All software development costs should be recorded in R&D expense until the product is available for general release to customers.
When the average-cost method is applied to a perpetual inventory system, the sale and purchase of goods will change the unit cost of the goods that remain in inventory
Indicate whether the statement is true or false