Which of the following represents the proper order of financial statement preparation?
a. Statement of cash flows, balance sheet, income statement, statement of retained earnings
b. Statement of retained earnings, income statement, statement of cash flows, balance sheet
c. Balance sheet, statement of cash flows, statement of retained earnings, income statement
d. Income statement, statement of retained earnings, balance sheet, statement of cash flows
D
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______ time is a preference for doing one thing at a time.
A. Singular B. Unichronic C. Monochronic D. Absolute E. Unitary
Which of the following methods requires two entries to record the recovery of accounts receivable previously written off?
A) direct write-off B) allowance C) Two entries are never required. D) Both direct write-off and allowance.
Which of the following does not include net income in its computation?
A) Debt to equity ratio B) Return on assets C) Return on equity D) Profit margin
Links Golf Course is planning for the coming golfing season. Investors would like to earn a 15% return on the company's $58,000,000 of assets. The company primarily incurs fixed costs to groom the greens and fairways. Fixed costs are projected to be $30,000,000 for the season. About 500,000 rounds of golf are expected to be played each year. Variable costs are about $15 per round of golf. Links Golf Course is a price-taker and will not be able to charge more than its competitors, who charge $78 per round of golf. Compute the operating profit that will be earned.
A) $1,500,000 B) $8,700,000 C) $76,500,000 D) $39,000,000