Alan's Chairs has current assets of $138,000 and current liabilities of $102,750. Find the current ratio. (Round to the nearest hundredth)
A) 59:1
B) 1.62:1
C) 1.34:1
D) .74:1
C
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The comparative balance sheets of Midnite Corp for 2017 and 2016 indicate that short-term trade notes receivable increased from $5,000 in 2016 to $75,000 in 2017 . How will this change be reported on Midnite's statement of cash flows, if Midnite uses the indirect method?
a. It will be included in the amount of cash and cash equivalents at the end of 2017. b. It will be reported as a deduction from net income in the operating activities section. c. It will be reported as a cash outflow in the investing activities section. d. It will be added to net income in the operating activities section.
List, in order, the steps in the Financial Reporting Process
Mack writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the check to her masseuse, Janet, in exchange for a neck massage. Without indorsing the check, Janet gives the check to Martin, her newspaper carrier in payment for the next four month's delivery charges. Martin indorses with a special indorsement and negotiates the check to
his church, St. Mark. The church indorses the check and deposits it in its bank account. If Mack's bank later dishonors the check, to whom may St. Mark's look for recovery? a. Martin only b. Only Mack c. Mack, Marianne, Janet, and Martin d. Mack, Marianne, and Martin
Gary, Louise, and Brian, who own competing gas stations in town, happen to see each other at a restaurant one morning and have breakfast together. While talking, they decide to set their gas prices at the same amount. They have committed an illegal act only if the agreed price is unfair to consumers
a. True b. False Indicate whether the statement is true or false