A company had average total assets of $897,000. Its gross sales were $1,090,000 and its net sales were $1,000,000. The company's total asset turnover equals: Answer 1. 0.82. 2. 0.90. 3. 1.09. 4. 1.11.

A company had net sales of $600,000, total sales of $750,000, and an average accounts receivable of $75,000. Its accounts receivable turnover equals ________. Answer 1. .13 2. .80 3. 7.75 4. 8.00

A company has net sales of $900,000 and average accounts receivable of $300,000. What is its accounts receivable turnover for the period? Answer 1. 0.20 2. 5.00 3. 20.0 4. 3.0

An asset's book value is $36,000 on January 1, 2007. The asset is being depreciated at a rate of $500 per month on the straight-line method. Assuming the asset is sold on July 1, 2008 for $25,000, the company should record: Answer 1. neither a gain nor loss is recognized on this type...

CLASSIFICATION OF ACTIVITIES Use the following legend to indicate how each transaction would be reported on the statement of cash flows. (Assume that the stocks and bonds of other companies are classified as long-term investments.) II = Inflow from investing activities OI = outflow from...

JT ENTERPRISES Income statement John Tyler started a small manufacturing company, JT Enterprises, at the beginning of 2005. John has prepared the following income statement for the first quarter of operations. Sales Revenue(25,00 units)...

A note receivable due in 18 months is listed on the balance sheet under the caption a. long-term liabilities b. fixed assets c. current assets d. investments

Name __________________________ Date __________________ MULTIPLE CHOICE Please highlight in yellow the one correct answer for each statement or question below. Chapter 9 Receivables 1. A note receivable due in 18 months is listed on the balance sheet under...

1. A note receivable due in 18 months is listed on the balance sheet under the caption a. long-term liabilities b. fixed assets c. current assets d. investments 2. The two methods of accounting for uncollectible receivables are the allowance method and the a. equity method b. direct...

Utech Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 77 cents per bottle. For the year 2010, management estimates the following revenues and costs. AP22-2A Utech Company bottles and...