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charter oak acc101 week 14 test part 1

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Question;?;1. If a retail store;has a current ratio of 2 1/2 to 1 and current assets of $150,000, the amount of;working capital is;Answer;? Question;2;3.431 out of 3.431 points;Use the following to answer;questions 2-5;Shown below are selected data from the balance sheet of;HiTech, a small electronics store (dollar amounts are in thousands);Cash.................................................................................... $25;Accounts;receivable............................................................. 45;Inventory............................................................................. 80;Total;assets.......................................................................... 400;Current;liabilities................................................................... 100;Non current;liabilities............................................................ 240;2. Refer to the above data. The quick ratio is;Answer;? Question;3;3.431 out of 3.431 points;3.;Refer to the above data. The;current ratio is;Answer;? Question;4;3.431 out of 3.431 points;4.;Refer to the above data. Working;capital amounts to;Answer;? Question;5;3.431 out of 3.431 points;5.;Refer to the above data.;Hi-Tech's debt ratio is;Answer;? Question;6;3.431 out of 3.431 points;Use the following to answer;questions 6 - 10;Given below are comparative balance sheets and an income;statement for Pearl Corporation;Pearl Corporation;Balance Sheets? 2005;Dec. 31;Jan. 1 Pearl Corporation;Income Statement for the 2005;Cash $ 15,000 $;15,000 Sales $220,000;Accounts receivable 45,000 37,000;Cost of goods sold;(132,250);Inventory 32,000 35,000;Gross profit on sales $;87,750;Equipment (net) 55,000 64,000 Operating expenses;(72,950);$147,000 $151,000;Operating income $;14,800;Accounts payable 25,000 28,000;Interest expense and income taxes;(8,750);Dividends payable 8,000 4,000;Net income $;6,050;Long-term note payable 14,000 14,000;Capital stock, $5 par 70,000 70,000;Retained earnings 30,000 35,000;$147,000 $151,000;All sales were made on account. Cash dividends declared during the year;totaled $11,050.;6. Refer to the above data. Pearl Corporation's;accounts receivable turnover for 2005 is;Answer;? Question;7;3.431 out of 3.431 points;7.;Refer to the above data. Pearl;Corporation's inventory turnover for 2005 is;Answer;? Question;8;3.431 out of 3.431 points;8.;Refer to the above data. Pearl;Corporation's gross profit rate for 2005 is;Answer;? Question;9;3.431 out of 3.431 points;9.;Refer to the above data. Pearl;Corporation's return on assets for 2005, rounded to the nearest tenth of a;percent, is;Answer;? Question;10;3.431 out of 3.431 points;10.;Refer to the above data. Pearl;Corporation's return on common stockholders' equity for 2005, rounded to the;nearest tenth of a percent, is;Answer

 

Paper#42589 | Written in 18-Jul-2015

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