A100+Midterm%2BFall%2B2%2B2010

B an expense of 10000 and a liability of 15000 c an

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Unformatted text preview: y through Friday. June 30th fell on a Wednesday. With respect to this partial week only, Hallowed's financial statements for it first month in business will show a an expense of $15,000 and a liability of $10,000. b an expense of $10,000 and a liability of $15,000. c an expense of $10,000 and a liability of $10,000. d an expense of $15,000 and a liability of $15,000. e No expense or liability for the unpaid amount. 14 On December 31, 2009, Laborious Company had $43,000 in inventory, and at December 31, 2010 the Company had $51,000 in i nventory. During the year the Company purchased $220,000 in inventory. Approximately what was the Company's inventory turnover ratio if total sales during the year were $450,000? a 4.51 b 9.57 c 4.16 d 4.93 e 8.82 15 For a sale of merchandise on account, which of the following statements is true? a The sale is reported on the Income Statement when cash is received. b There is no change to any account on the Balance Sheet since no cash is received. c Total assets increas...
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