The peach pit a restaurant has net income of 25000

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15)The Peach Pit, a restaurant, has Net Income of $25,000, Sales of $55,000, Assets of$115,000, andno debt. What is their ROE?21.7%correct4.29%2.17%42.9%
16)Which of the following options is an example of an explicit transaction?
17)A company provided the following information on its financial statements for2013:Dec. 31, 2012Dec. 31, 2013Accounts Receivable$150,000$350,00020122013Sales Revenue$620,000$840,000Net Credit Sales$430,000$720,000Cost of Goods Sold$280,000$360,000What is the company's accounts receivable turnover ratio for 2013?
18)
Which transaction is presented in the above journal entry?Payment of rent in advanceExpense recognized for prepaid rentcorrect
Rent paid in instalmentsAccrual for rent outstanding19)Which of the following options is an example of revenue?
20)AQG Industries purchases $20,000 of product on credit from RSI Manufacturing.AQG records the purchase as an increase in inventory and an increase inaccounts payable. AQG feels that they will be able to realize the value from theinventory and settle the obligation to RSI in the weeks to come.This scenario best demonstrates which of the following:
21)Company B sold a service contract that covers a two-year period for $10,000.The service period commenced on July 1, Year 1. Service revenue is recognized
evenly throughout the contract period. What amount should Company B report asdeferred revenue from this service contract on its balance sheet on December31, Year 1?
22)Suppose for the year 2015, Speedy Chef, a fast food restaurant, had a Gross Profit of$1,281,648. Speedy Chef had the following expenses:Cost of Goods Sold $1,251,167Selling Expense $70,578Rent Expense $156,941Utilities Expense $73,994Insurance Expense $35,148Wages $505,245General & Administrative $24,358Miscellaneous $32,968Interest Expense $4,059Income Tax Expense $60,596What would Speedy Chef's Income Before Taxes be for 2015?$347,876$378,357correct$317,357$287,280

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Depreciation, Sales, Net Income, Generally Accepted Accounting Principles

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