Which of the following is NOT one of the estimates used by PERT to estimate the duration of an activity?
a. optimistic time
b. most likely time
c. catastrophic time
d. pessimistic time
c. catastrophic time
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When business risk is low, the auditor does not have a high concern about the ability of the organization to operate efficiently
a. True b. False Indicate whether the statement is true or false
Financial guarantees
A) are insurance policies to back bond issues. B) are purchased by financially weaker security issuers. C) lower the risk of the bonds covered by the guarantee. D) do all of the above. E) do only A and B of the above.
A continuous probability distribution that is useful in describing the time, or space, between occurrences of an event is a(n)
a. normal probability distribution b. uniform probability distribution c. exponential probability distribution d. Poisson probability distribution
Hagle Corporation has provided the following financial data:Balance SheetDecember 31, Year 2 and Year 1AssetsYear 2Year 1Current assets: Cash$279,000 $170,000 Accounts receivable, net 136,000 150,000 Inventory 141,000 150,000 Prepaid expenses 69,000 60,000 Total current assets 625,000 530,000 Plant and equipment, net 789,000 870,000 Total assets$ 1,414,000 $ 1,400,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$186,000 $190,000 Accrued liabilities 29,000 30,000 Notes payable, short term 74,000 70,000 Total current liabilities 289,000 290,000 Bonds payable 130,000 130,000 Total liabilities 419,000 420,000 Stockholders'
equity: Common stock, $4 par value 200,000 200,000 Additional paid-in capital 90,000 90,000 Retained earnings 705,000 690,000 Total stockholders' equity 995,000 980,000 Total liabilities & stockholders' equity$ 1,414,000 $ 1,400,000 Income StatementFor the Year Ended December 31, Year 2Sales (all on account)$1,280,000 Cost of goods sold 750,000 Gross margin 530,000 Operating expenses 489,429 Net operating income 40,571 Interest expense 12,000 Net income before taxes 28,571 Income taxes (30%) 8,571 Net income$ 20,000 Required:a. What is the company's accounts receivable turnover for Year 2?b. What is the company's average collection period for Year 2?c. What is the company's inventory turnover for Year 2?d. What is the company's average sale period for Year 2?e. What is the company's operating cycle for Year 2?f. What is the company's total asset turnover for Year 2? What will be an ideal response?