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QUESTION 4 A current asset is defined as an asset that: a. was purchased after the last financial statement date b. was purchased within the past twelve months c. normally converts to cash within one year. d. was manufactured within the past year and has yet to be sold e, is highly liquid QUESTION 5 The Juniper Tree carries an average inventory of $164,000. The firm has equity of $438,2000, total assets of $679,400 and sales of $734,800. What is the common-size percentage for the inventory account? a. 20.22 percent b. 22.32 percent c. 24.14 percent d.35.87 percent e. 37.43 percent QUESTION 6 Interest on interest refers to the interest earned on: a. prior interest payment. b. both principal and prior interest payments Oc. both principal and future interest payments. d. simple interest loans. e. the principal of a discount loan