Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $295,000, and sales were $690,000. The amount of merchandise on hand was $50,000, and total assets amounted to $585,000. What is the average number of days to sell inventory? (Round to the nearest day.)
A. 31 days
B. 40 days
C. 26 days
D. 62 days
Answer: D
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If assets are $110,000 and liabilities are $37,500, then equity equals:
A. $72,500. B. $37,500. C. $257,500. D. $147,500. E. $110,000.
Kim has just graduated from law school. She had taken an education loan of $45,000, which now must be repaid in equal monthly installments over the next six years. What is the amount of the monthly loan repayment, if the loan carries a simple annual interest of 5 percent? The first payment will be made in one month.
A. $689.76 B. $721.71 C. $702.46 D. $658.92 E. $724.72
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Indicate whether the statement is true or false
Duress is a defense to the enforcement of a contract, but not a ground for rescission of a contract
Indicate whether the statement is true or false