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Fina Corp. had the following transactions during the quarter ended March 31, 2011: Loss from hurricane damage payment of fire insurance premium for calendar year 2011 $350,000 500,000 What amount should be included in Fina's income statement for the quarter ended March 31, 2011? Extraordinarv Loss b. d. $350,000 $350,000 $87 ,500 $0 Insurance Expense $500,000 $125,000 $125,000 $500,000 For interim financial reporting, an extraordinay gain occurring in the second quarter should be a. recognized ratably over the last three quarters. b. recognized ratably over all four quarters with the first quarter being restated. c. recognized in the second quarter. d. disclosed by note only in the second quarter. How is the average inventory used in the calculation of each of the following? b. d. Acid-Test (Quick) Ratio Numerator Numerator Not Used Not Used Inventory Turnover Ratio Numerator Denominator Denominator Numerator Which of the following ratios is(are) useful in assessing a company's ability to meet current maturing or short-term obligations? Acid-Test Ratio Debt to Total Assets Ratio No No Yes Yes No Yes Yes No Which of the following ratios should be used in evaluating the effectiveness with which the company uses its assets? Receivables Tumover Pavout Ratio b. d. Yes No Yes Yes No No Yes