Question : 81. Accounts payable $ 40,000 Accounts receivable : 1239372

 

 

81. 

Accounts payable

$  40,000

Accounts receivable

65,000

Accrued liabilities

7,000

Cash

30,000

Intangible assets

40,000

Inventory

72,000

Long-term investments

110,000

Long-term liabilities

75,000

Marketable securities

36,000

Notes payable (short-term)

30,000

Property, plant, and equipment

625,000

Prepaid expenses

2,000

 

 

Based on the above data, what is the quick ratio, rounded to one decimal point? A. 2.7B. 2.6C. 1.7D. 0.9

 

82. A company with working capital of $720,000 and a current ratio of 2.2 pays a $125,000 short-term liability. The amount of working capital immediately after payment is  A. $845,000B. $595,000C. $720,000D. $125,000

 

83. Which of the following measures a company’s ability to pay its current liabilities? A. earnings per shareB. inventory turnoverC. current ratioD. number of times interest charges earned

 

84. Which of the following is not included in the computation of the quick ratio? A. inventoryB. marketable securitiesC. accounts receivableD. cash

 

85. The numerator used to calculate accounts receivable turnover is A. total salesB. net salesC. accounts receivable at year-endD. average accounts receivable

 

86. Based on the following data for the current year, what is the accounts receivable turnover? 

Net sales on account during year

$700,000

Cost of merchandise sold during year

270,000

Accounts receivable, beginning of year

45,000

Accounts receivable, end of year

35,000

Inventory, beginning of year

90,000

Inventory, end of year

110,000

 

 

 A. 17.5B. 2.6C. 20.0D. 15.5

 

87. An acceleration in the collection of receivables will tend to cause the accounts receivable turnover to A. decreaseB. remain the sameC. either increase or decreaseD. increase

 

88. Based on the following data for the current year, what is the number of days’ sales in accounts receivable? 

Net sales on account during year

$584,000

Cost of merchandise sold during year

300,000

Accounts receivable, beginning of year

45,000

Accounts receivable, end of year

35,000

Inventory, beginning of year

90,000

Inventory, end of year

110,000

 

 

 A. 7.3B. 2.5C. 14.6D. 25

 

89. Based on the following data for the current year, what is the inventory turnover? 

Net sales on account during year

$700,000

Cost of merchandise sold during year

270,000

Accounts receivable, beginning of year

45,000

Accounts receivable, end of year

35,000

Inventory, beginning of year

90,000

Inventory, end of year

110,000

 

 

 A. 2.7B. 9.7C. 2.5D. 3.0

 

90. Based on the following data for the current year, what is the number of days’ sales in inventory? 

Net sales on account during year

$1,204,500

Cost of merchandise sold during year

657,000

Accounts receivable, beginning of year

75,000

Accounts receivable, end of year

85,000

Inventory, beginning of year

85,600

Inventory, end of year

98,600

 

 

 A. 51.2B. 44.4C. 6.5D. 7.5

 

 

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