Following are selected data from the financial statements of Mother Nature Supplies: 2017 2016 Accounts receivable $ 60,000 $ 38,000 Merchandise inventory 12,000 16,000 Total assets 450,000 380,000 Net sales 380,000 270,000 Cost of goods sold 160,000 210,000 Refer to the data for Mother Nature Supplies. Which of the following would not result from a vertical analysis of its balance sheet?
a. Accounts receivable increased $22,000 or 36.7% during 2017.
b. Accounts receivable is five times larger than Merchandise inventory in 2017.
c. Accounts receivable is 13.3% of total assets for 2017.
d. Merchandise inventory is 2.7% of total assets for 2017.
a
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On a bank reconciliation, deposits that were not entered by the bank before the bank statement was prepared are known as
a. NSF deposits; b. deposits in transit; c. outstanding deposits; d. postdated deposits; e. payables
Estimates of sales are an important component of business analysis.
Answer the following statement true (T) or false (F)
You are saving for your child's university education. It is her 1st birthday today. She will start university just after her 19th birthday. You are going to save $2,000 per year each year starting today and ending on her 18th birthday
If you expect to earn a rate of 5% in the savings account, then how much will you have saved by her 19th birthday? A) $56,264.77 B) $59,078.01 C) $61,078.01 D) $64,131,91 E) $54,264.77
The Credit Card Fraud Act prohibits which of the following practices?
A) Possessing unauthorized cards B) Counterfeiting or altering credit cards C) Using a card obtained from a third party with his consent when the third party conspires to report the cards as stolen D) All of these.