Selected data pertaining to Lore Co. for the calendar year is as follows, Net cash sales $ 3, 000 Cost of goods sold 18, 000 Inventory at beginning of year 6, 000 Purchases 24, 000 Accounts receivable at end of year 22, 000 Accounts receivable at beginning of year 20, 000 Inventory at end of year 12, 000 What was the inventory turnover for the year? 1.2 times 1.5 times 2.0 times 3.0 times Carr, Inc. purchased equipment for $100, 000on January 1, year 1. The equipment had an estimated 10-year useful life and a $15, 000 residual/salvage value. Under the straight-line method of depreciation, what is the asset's carrying/book value after three years? $8, 500 $25, 500 $74, 500 $100, 000 In analyzing a company's financial statements, which financial statement would a potential investor primarily use to assess the company's liquidity and financial flexibility? Balance Sheet Income Statement Statement of Cash Flows Statement of Owner's Equity Which of the following assumptions means that money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis? Going concern Monetary unit Economic entity Periodicity