Reference no: EM133113985
Questions -
Q1. For fiscal year 20x7 Winter Sportswear had return on assets of 9.1%, beginning total assets of $720,000, and ending total assets of $766,000. What was its 20x7 net income?
A. $135,226
B. $69.706
C. $67.613
D. $65,520.
Q2. The average length of time inventory is held before it is sold is called
A. cost of goods sold.
B. average inventory.
C. days in inventory.
D. inventory turnover.
3. If a company wants to assess the liquidity of receivables, it computes the accounts receivable turnover by dividing credit sales by:
A. the average gross accounts receivable.
B. the ending receivables.
C. the total number of net sales.
D. the beginning net receivables.
Q4. Using the Edgar database and a Morningstar subscription, Amy has been able to assess the relative performance of Jones & Jennings as compared to its top competitors and the industry as a whole. Like most of the industry, Jones & Jennings has a current ratio that varies in the region of 1.3-1.5 and a quick ratio that varies in the region of 1.15-1.4. What industry is Jones & Jennings in?
A. Wholesale dry goods
B. Retail bookstore
C. Antiques auction house
D. Manufacturing
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