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  3. 1/ given the following data: sales $1,500,000; gro

1/ Given the following data: sales $1,500,000; gross profit $640,000; net income after tax $40,000...

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Question

Accounting

1/ Given the following data: sales $1,500,000; gross profit $640,000; net income after tax $40,000 and income tax expense $35,000. What is the common-size percentage for operating expenses?

37.7%

42.7%

95.0%

97.3%

2/ To best interpret the accounts receivable turnover ratio, the days in accounts receivable should be compared to the company's

inventory turnover.

sales revenue.

credit terms.

accounts receivable balance.

3/ The quick ratio will be negatively impacted by

tying up cash in inventory.

increasing accounts receivable.

decreasing the level of prepaid accounts.

increasing levels of long term debt.

4/ Which of the following depicts the current ratio?

(current assets inventory) current liabilities

currents assets total assets

(current assets inventory) total assets

current assets current liabilities

Answer & Explanation Solved by verified expert
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