Using the indirect method to prepare a statement of cash flows, which of the following is subtracted from net income to calculate the net cash provided or used by operating activities?

		Decrease in Depreciation expense.
		Decrease in accounts payable.
		Decrease in merchandise inventory.
		Increase in Income Taxes Payable.

Refer to the following selected financial information from Toons, LLC. Compute the company's current ratio for Year 2.

	Year 2	Year 1
Cash	$48,500	$43,250
Short-term investments	100,000	65,000
Accounts receivable, net	85,500	74,500
Merchandise inventory	120,000	124,000
Prepaid expenses	13,100	12,700
Plant assets	393,000	343,000
Accounts payable	118,400	122,800
Net sales	716,000	681,000
Cost of Goods Sold	395,000	380,000

5.39

2.6

6.4

3.1

Use the following selected information from Tundra, LLC to determine the 2019 and 2018 trend percentages for net sales using 2018 as the base.

	2019	2018
Net sales	$379,700	$352,100
Cost of goods sold	251,200	250,290
Operating expenses	54,540	52,540
Net earnings	28,720	20,520

107.8% for 2019 and 100% for 2018.

66.2% for 2019 and 71.1% for 2018.

33.8% for 2019 and 28.9% for 2018.

140.0% for 2019 and 100.0% for 2018.

Refer to the following selected financial information from Lakeside Lab Incorporated. Compute the company's return on total assets for Year 2:

	Year 2	Year 1
Net sales	$482,500	$438,250
Cost of goods sold	376,300	350,120
Interest expense	9,700	10,700
Net income before tax	96,500	77,430
Net income after tax	67,550	54,201
Total assets	337,500	299,000
Total liabilities	181,400	167,300
Total equity	135,700	120,700

		14%.
		21.2%.
		28.6%.
		20.0%.