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Problem 1: The entity started the year with total assets of $90 000 and total liabilities of $40 000. During the year the business earned $45 000 in profit and paid $4000 dividends. However, there was a $5000 income received in advance incorrectly recorded as income earned. After correcting the mistake, what is the Equity at the end of the period:
A. $46 000.
B. $86 000.
C. $91 000.
D. $96 000.
E. None of the above.
Problem 2: A high times debtors turnover indicates:
A. the entity's sales have increased.
B. a large percentage of the entity's sales are on credit.
C. customers are clearing debts more quickly.
D. customers are clearing debts more slowly.
E. sales have decreased.
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Beginning accounts receivable ae $120,000 and ending Accounts receivable are $90,000. What cash amount is collected from customers in the period?
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Reno Revolvers has an EPS of $1.60, a free cash flow per share of $4.20, and a price/free cash flow ratio of 8.0. What is its P/E ratio?
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