The current ratio measures a companys o ability to

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The current ratio measures a company's ________
The income summary account is used on an accounting worksheet during the close-out process to ________.
Revenues total $10,200, expenses total $7,300, and the owner's withdrawals account has a balance of $2,600. What is the balance in the income summary account after all closing entries are completed?
The _______ is the total liabilities divided by total assets. This ratio reveals the proportion of a company's assets that it has financed with debt.
Based on Hewatt Co.'s current ratio, lenders to Hewatt Co. may conclude that ________.
Quiz 5: A ________ inventory system keeps continuous records of inventory on hand and cost of goods sold.
Under a perpetual inventory system, the adjusting entry to account for inventory shrinkage would include a_______.
________ is the major difference between a service and a retail operation.
Under a perpetual inventory system, the inventory account may need to be adjusted at the end of the period because of ________.
Under a perpetual inventory system, which accounts would be closed to income summary with credits?
After revenues and expenses are closed to income summary, the income summary account should have a ________ balance.
Revenue that is outside the main operations of a business, such as gain on the sale of plant assets, is referred to as ________.
Which of the following is the result of gross profit divided by net sales?
Which subtotals appear on a multi-step income statement but do not appear on a single-step income statement?
Referring to Table 1, what is gross profit?
Quiz 6: Inventory is classified as a(n)_______.
Under the ________ inventory costing method, ending inventory and cost of goods sold are based on the same cost per unit that is adjusted after each new purchase.
Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost of the 20 units is $5 each. Current replacement cost is $4.50 per unit. Using the lower-of-cost-or- market rule to value inventory, the balance sheet would show ending inventory of _______.

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