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b. $7,900 c. $12,300
d. $177,400 FeedbackYour answer is correct.The correct answer is: $11,000Question 8IncorrectMark 0.00 out of 10.00Flag questionQuestion textBased on the information below and considering that this company paid $322,500 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015?1/1/2015 12/31/2015Inventory$23,400$34,560Accounts payable $354,000$223,000Select one:a. $180,340 b. $311,340 c. $322,500 d. $442,340 FeedbackYour answer is incorrect.The correct answer is: $180,340
Question 9CorrectMark 10.00 out of 10.00Flag questionQuestion textA business purchased merchandise for $15,000 on account; terms are 2/10, n/30. If $2,600 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:Select one:a. $248 (15,000-2,600)*2%=$248b. The right answer is not listed here. c. $52 d. $300 FeedbackYour answer is correct.The correct answer is: $248Question 10IncorrectMark 0.00 out of 10.00Flag questionQuestion text
On December 31, 2015, Sveva Inc. has total liabilities of $252,000 and total equity of $420,000. The company needs to raise additional funds through debt and equity. The company will issue 40,000 shares of common stock at $4.50 per share and in addition it intends to borrow as much as it can from Bank of Switzerville. Bank of Switzerville requires a maximum debt-to-asset ratio of 0.75. What is the maximum additional amount that Sveva can borrow after the additional stock is issued?Select one:a. $1,548,000 b. $1,236,000 c. $639,000 d. $852,000 FeedbackYour answer is incorrect.The correct answer is: $1,548,000Question 11Partially correctMark 4.00 out of 10.00Flag questionQuestion text
Below is selected financial information for Panettone, Inc.In the answer boxes below, select the right answer from the drop-down menu. Each answer is worth 2 points. Answers are rounded to two decimals.RatioAnswer Days Sales in InventoryAnswerAverage Collection PeriodAnswerDividend Payout RatioAnswer
Return on SalesAnswerCurrent RatioAnswerFeedbackRatioCorrect Answer Days Sales in Inventory79.84Average Collection Period53.41Dividend Payout Ratio0.69Return on Sales0.12Current Ratio1.75Question 12IncorrectMark 0.00 out of 10.00Flag questionQuestion textIf a company has a current ratio below 1, which of the following transactions would cause the current ratio to increase?Select one:a. Purchasing land with cash
b. Collecting an account receivable c. Purchasing land by signing a short-term note d. Purchasing inventory by signing a long-term note FeedbackYour answer is incorrect.The correct answer is: Purchasing inventory by signing a long-term noteQuestion 13IncorrectMark 0.00 out of 10.00Flag questionQuestion textABC Inc. sells socks. During January 2016, its inventory records for one brand of its socks were as follows:Quantity Price per pairBeginning Inventory10 pairs$20= $200January 6 Purchase4 pairs$25= $100January 10 Sale5 pairsN/AJanuary 15 Purchase7 pairs$30= $210January 20 Sale10 pairsN/AJanuary 25 Purchase 4 pairs$30= $120See information above. Using this information, the cost of goods sold using the periodic averagecost method isSelect one:a. $265
b. $236 c. $358 d. $378 FeedbackYour answer is incorrect.