A ratio of 2:2:1 is the same as
A) 20%:20%:10%
B) 2/5:2/5:1/5
C) 2/10:2/10:1/20
D) both (a) and (c)
B
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The Employer's Quarterly Federal Tax Return form does not include lines for
a. the EIN; b. the taxable Social Security wages; c. sick pay for the quarter; d. overpayments applied from a prior quarter; e. FUTA tax.
A characteristic common to banks, utilities, and transportation is that they:
a. are all government owned. b. are not subject to the rules of the FASB. c. are monopolies. d. each have a uniform system of accounts established by a federal regulatory agency. e. never go bankrupt.
Terms of "2/10, n/30" are an example of a trade discount
Indicate whether the statement is true or false
On January 1, Year 1, Golden Company purchased a new computer system for $50,000. Management estimates that the system will have a 5-year life and a salvage value of $7,500. Jane Golden, the company president, knows that the system can be depreciated using either the straight-line method or the double-declining-balance method. She is concerned as to the possible effect on various financial statement analyses if the company uses one method versus the other.Required: a) Indicate which method will have the larger negative effect (in other words, the less favorable effect) on each of the following ratios in Year 1: (1) Debt-to-equity ratio (2) Return-on-sales b) Indicate which method will have the larger negative effect on each of the following ratios in Year 4: (1) Debt-to-equity
ratio (2) Return-on-sales What will be an ideal response?