Question 28 1 pts Based on the following data for the current year, what is the inventory turnover? Sales on account during year $700,000 Cost of goods sold during year 270,000 Accounts receivable, beginning of 45,000 year Accounts receivable, end of year 35,000 Inventory, beginning of year 90,000 Inventory, end of year 110,000 9.7 2.5 3.0 2.7 Question 29 1 pts The ability of a business to pay its debts as they come due and to earn a reasonable net income includes solvency and leverage solvency and liquidity solvency and equity solvency and profitability Question 30 1 pts According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry to record the accrued salaries would include a credit to Salaries Payable for $364,500 debit to Salaries Payable for $313,000 debit to Salaries Expense for $364,500 credit to Salaries Expense for $313,000