1. Based on the following data for the current year, what is the accounts receivable turnover? Net...

Question:

1. Based on the following data for the current year, what is the turnover?
Net sales on account during year.....................................$ 525,500
Cost of merchandise sold during year ................................375,000
Accounts receivable, beginning of year...............................50,000
Accounts receivable, end of year.........................................40,000
Inventory, beginning of year..............................................110,000
Inventory, end of year ........................................................140,000
a. 8.3
b. 10.35
c. 11.7
d. 13.14
2. Based on the following data for the current year, what is the inventory turnover?
Net sales on account during year....................................$ 517,500
Cost of merchandise sold during year ...............................450,000
Accounts receivable, beginning of year..............................50,000
Accounts receivable, end of year........................................40,000
Inventory, beginning of year.............................................110,000
Inventory, end of year .......................................................140,000
a. 3.2
b. 3.6
c. 4.2
d. 7.2
3. Based on the following data, what is the quick ratio, rounded to one decimal place?
Accounts payable............................................$ 32,000
Accounts receivable...........................................64,000
Accrued liabilities................................................7,000
Cash...................................................................20,000
................................................40,000
Inventory...........................................................72,000
Long-term investments....................................100,000
Long-term liabilities...........................................75,000
Marketable securities.........................................35,000
Notes payable (short-term)................................25,000
Property, plant, and equipment.......................625,000
Prepaid expenses.................................................2,000
a. 3.2
b. 2.1
c. 1.9
d. 1.4
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...