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Answer the following statement true (T) or false (F)
False
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The valuation problem from waiting to collect a receivable is ignored in the valuation of receivables and notes that are classified as current assets
Indicate whether the statement is true or false
A voucher system establishes procedures for verifying, approving, and recording liabilities for eventual cash payment.
Answer the following statement true (T) or false (F)
If McDonald's wanted to change its marketing strategy in response to the social trends outlined in the text, it might consider all of the following ideas except
A. using recycled paper in its food packaging. B. using solar power in its restaurants. C. offering an expanded menu of healthy options. D. creating an advertising campaign targeting elementary schoolchildren. E. making nutritional information readily available to consumers.
Use the financial data shown below to calculate the following ratios for the current year:(a) Current ratio.(b) Acid-test ratio.(c) Accounts receivable turnover.(d) Days' sales uncollected.(e) Inventory turnover.(f) Days' sales in inventory.Income statement dataSales (all on credit)………………………………… $650,000Cost of goods sold…………………………………. 425,000Income before taxes……………………………….. 78,000Net income………………………………………… 54,600?EndingBalancesBeginningBalancesCash$ 19,500$ 15,000Accounts receivable (net) 65,00060,000Inventory71,50064,500Plant and equipment (net)195,000183,900Total assets$351,000$323,400Current liabilities $ 62,400$ 52,700Long-term notes
payable97,500100,000 What will be an ideal response?