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Frost Company reported a $4,000 increase in dividends payable, a $60,000 increase in retained earnings, and $64,000 in net income during the year. Based on this information, the company must have paid dividends equal to $4,000 during the year. True or False True False Which of the following statements is true? Multiple Choice Under variable costing flowed manufacturing costs are expensed in the period in which they are incurred regardless of when the Inventory is sold. Under absorption costing some fixed manufacturing costs are deferred in ending inventory if production is lower than soles. O Under absorption costing only the fixed manufacturing costs associated with inventory produced are expensed. When production and sales are equal, net income will be greater under variable costing than it will be under absorption costing. On January 1, the balance of Fink Corporation's accounts receivable was $10,000. Sales on account amounted to $80,000 during the Year. The ending balance of accounts receivable was $16,000. What is the amount of cash collected from customers? Multiple Choice $74,000 O $64,000 $90,000 $86,000 Under the indirect method, an increase in wages payable would be added back to net income when calculating net cash flow from operating activities. True or False True False The Miller Company reported gross sales of $860,000, sales returns and allowances of $5,100, and sales discounts of $5,100. The company has average total assets of $510,000, of which $255,000 is property, plant, and equipment. What is the company's asset turnover ratio? (Round your answer to 2 decimal places.) Multiple Choice 1.69 times 0 0.60 times 1.71 times 0 1.67 times