A company had net sales of $530,000, total sales of $680,000, and an average accounts receivable of $83,500. Its accounts receivable turnover equals:
A. 6.35
B. 0.78
C. 0.12
D. 8.14
E. 0.16
Answer: A
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Valerie purchased a 20-year endowment insurance policy having a face value of $50,000 when she was 20 years old. Based on Table 19-3 from your text, what is the cash value of her policy if she is now 35 years old?
A. $12,190 B. $52,000 C. $32,350 D. $26,000
Which of the following would be considered a social control system?
a. performance management systems b. budgeting systems c. inventory control systems d. the culture of the organization
For each of the following, determine the amount of net income or net loss for the year. (a) Revenues for the year totaled $88,500 and expenses totaled $40,500. The owner made an additional investment of $15,000 during the year. (b) Revenues for the year
totaled $175,000 and expenses totaled $220,500. The owner withdrew $40,000 during the year. (c) Revenues for the year totaled $109,000 and expenses totaled $46,000. The owner invested an additional $12,000 and withdrew $16,000 during the year. (d) Revenues for Konner Co totaled $223,800 and expenses totaled $221,300. Cash withdrawals of $35,000 were paid during the year.
When preparing the operating activities section of the statement of cash flows using the direct method, non-operating gains are added to net income.
Answer the following statement true (T) or false (F)