The following information was taken from the financial statements of Sunshine City: Total current assets $ 53,000 Property, plant, and equipment 6,000 Current liabilities 21,000 Long-term liabilities 4,000 Owner's equity 34,000 Beginning inventory 31,000 Ending inventory 33,000 Cost of goods sold 152,000 Net income 42,000 The inventory turnover (rounded to one decimal place) for Sunshine City is
a. 2.2 times.
b. 3.0 times.
c. 4.8 times.
d. 5.0 times.
c
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The ________ begins by determining how much a person can buy, after taxes, in terms of housing, goods and services, and a reserve for savings when taking a foreign work assignment.
A. balance sheet approach B. destination-based approach C. flat-pay approach D. going-rate approach E. home-country-based approach
Answer the following statements true (T) or false (F)
1. An expenditure that increases the capacity or efficiency of a plant asset or that extends the asset's life is known as a revenue expenditure. 2. Repair work that generates a capital expenditure because it extends a plant asset's useful life past the normal expected life is known as an extraordinary repair. 3. Ordinary repairs to plant assets are referred to as revenue expenditures. 4. If a minor repair was incorrectly debited to the asset account, expenses and net income would be 5. If a company expenses an extraordinary repair, net income would be understated and the asset would be understated.
A paragraph is a visual unit because it
A) discusses only one topic but does so in great detail. B) uses white space to enhance readability. C) signals readers to pause and digest the information it contains. D) adds coherence to the document's unity. E) uses a single typeface for emphasis and subordination.
Which of the following adheres to the financial principle "just do it?"
A) The amount you can spend is what's left after you put aside your savings. B) Pay yourself last. C) It's much easier to save than to spend. D) All of the above