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31. Which of the following statements does not properly describe the current ratio? A. It measures the ability of a firm to pay its debts in the short-run. B.It is current assets divided by current liabilities. C. It is a measure of a firm's short-run liquidity D. It measures a firm's ability to pay its long-term debts as they mature 32. Papa John's asset turnover ratio in 2003 was 2.57, in 2002 it was 2.51 and in 2001 it was 2.49. Which is true about Papa John's asset turnover ratio? The ratio has improved over the last three years. A) B) The improvement from 2002 to 2003 was most likely caused by a decrease in net sales or an increase in total assets. C) In 2003, Papa John's was able to generate $2.57 of revenue for every dollar invested in average total assets. D) Both A and C are true. E) All of the above are true. 33. In 2004, Boeing Company reported total assets of $53,963 million and net sales of $52,457 million. In 2003, they reported total assets of $52,986 million and net sales of $50,256 million. Their 2004 asset turnover ratio was A) 0.98. B) 120 C) 1.25 D) 1.28. 34. Which of the following statements is true about earnings per share? A) It is the only ratio required to be disclosed on the income statement or in the footnotes to the statement B) It is computed by dividing net income by weighted average common shares outstanding. C) It discloses the amount of earnings on a per common share basis and is of great importance to investors All of the above are true. D) In 2004, Coca Cola reported net operating revenues of $18,158 million, gross profit of $7,387 million, operating income of $1,436 million, income before taxes of $818 million and net income of $596 million. Their net profit margin for 2004 is 3.3%. 6.4%. 8.1% 10.9%. none of the above 35. A) B) C) D) E)