Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable$80,000 $72,000 Inventory 84,000 70,000 Net sales 400,000 372,000 Cost of goods sold 254,000 216,000 Total assets 850,000 810,000 Total stockholders' equity 500,000 450,000 Net income 75,000 56,000 TPX Company's 2021 debt to equity ratio is:
A. 60.0%.
B. 70.0%.
C. 80.0%.
D. 50.0%.
Answer: B
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In a manufacturing firm, employees use time cards and job tickets. Which of the following statements is not correct?
a. Job tickets are prepared by employees for each job worked on, so an employee may have more that one job ticket on a given day. b. An individual employee will have only one time card. c. The time reported on job tickets should reconcile with the time reported on time cards. d. Paychecks should be prepared from the job tickets.
Which of the following statements is true of the Sarbanes-Oxley Act?
A. It does not require lawyers to report concerns of wrongdoing if not addressed. B. It does not require codes of ethics for senior financial officers. C. It includes requirements for certification of documents by officers. D. It focuses mainly on the tone or culture of a firm.
Which of the following is true of qualitative research?
A. Results can be generalized B. Extensive use of statistics and numbers. C. Usually uses large and representative samples. D. Useful for gaining an in-depth understanding of underlying motivations.
Pamela is planning to sell her home decorating store to her daughter. Pamela has
a. a greater duty to reveal problems in the business because her daughter assumes she will be honest. b. no duty to disclose hidden defects in the business. c. a lesser duty to reveal problems in the business because she has a relationship of trust with the buyer. d. a duty to report only any latent defects she knows about that her daughter should not be expected to discover herself.