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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?
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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- Spring '08