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 Question 11 ptsA debt to equity ratio of 1.0 means that half of the company's assets are financed by creditors.

    Flag this QuestionQuestion 21 ptsThe Sarbanes-Oxley Act requires a company to guarantee that its financial statements are 100 percent accurate.
    Flag this QuestionQuestion 31 ptsThe cost-benefit convention holds that the benefits to be gained from providing accounting information should be greater than the costs of providing it.
    Flag this QuestionQuestion 41 ptsThe investments category on the balance sheet normally includes investments that are intended to be held for a long period of time.
    Flag this QuestionQuestion 51 ptsInvestors and creditors use financial statements to evaluate a company's ability to pay dividends and interest.
    Flag this QuestionQuestion 61 ptsCurrent assets divided by current liabilities is known as the
    Flag this QuestionQuestion 71 ptsThe normal operating cycle helps define which of the following balance sheet sections?
    Flag this QuestionQuestion 81 ptsWhich of the following is a measure of liquidity?
    Flag this QuestionQuestion 91 ptsThe user can depend on the accuracy of financial information when which of the following qualitative characteristics has been followed?
    Flag this QuestionQuestion 101 ptsRelevance is comprised of all of the following  except
    Flag this QuestionQuestion 111 pts___________ is related to both the nature of an item and its size.
    Flag this QuestionQuestion 121 ptsThe lower-of-cost-or-market method of accounting for inventories follows the convention of
    Flag this QuestionQuestion 131 ptsA practical decision to expense a $120 printer rather than record it as property, plant, and equipment and depreciate it probably is made on the basis of the convention of
    Flag this QuestionQuestion 141 ptsThe convention of consistency refers to consistent use of accounting principles
    Flag this QuestionQuestion 151 ptsThe profit margin equals
    Flag this QuestionQuestion 161 pts Skip to question text.

Use this balance sheet and income statement to answer the following question. Use ending balances whenever average balances are required for computing ratios.



 
National Textile
Balance Sheet
December 31, 20x5
Assets Liabilities
Current assets $ 12,000   Current liabilities $ 8,000
Investments 2,000   Long-term liabilities    2,000
Property, plant, and equipment 16,000   Total liabilities $ 10,000
Intangible assets    10,000      
    Stockholders' Equity
      Common stock   30,000
         
         
      Total liabilities and  
Total assets $40,000   stockholders' equity $40,000
           


 
National Textile
Income Statement
For the Year Ended December 31, 20x5
Net sales $48,000
Cost of goods sold     16,000
Gross margin $32,000
Operating expenses   22,400
Net income $  9,600
   
   
   


The current ratio for National Textile is
    Flag this QuestionQuestion 171 pts Skip to question text.

Use this balance sheet and income statement to answer the following question. Use ending balances whenever average balances are required for computing ratios.



 
National Textile
Balance Sheet
December 31, 20x5
Assets Liabilities
Current assets $ 12,000   Current liabilities $ 8,000
Investments 2,000   Long-term liabilities    2,000
Property, plant, and equipment 16,000   Total liabilities $ 10,000
Intangible assets    10,000      
    Stockholders' Equity
      Common stock   30,000
         
         
      Total liabilities and  
Total assets $40,000   stockholders' equity $40,000
           


 
National Textile
Income Statement
For the Year Ended December 31, 20x5
Net sales $48,000
Cost of goods sold     16,000
Gross margin $32,000
Operating expenses   22,400
Net income $  9,600
   
   
   


The return on assets for National Textile is
    Flag this QuestionQuestion 181 pts Skip to question text.

Use this information to answer the following question.



 
Sunshine Travel
Balance Sheet
December 31, 20x5
Assets
Cash   $ 40,000  
Short-term investments   20,000  
Notes receivable (due in ten months)   15,000  
Accounts receivable   10,000  
Merchandise inventory   35,000  
Land held for future use   40,000  
Land   45,000  
Building $50,000    
  Less accumulated depreciation    10,000 40,000  
Trademark     35,000  
Total assets     $280,000
 
Liabilities
Notes payable (due in six months)   $ 25,000  
Accounts payable   10,000  
Salaries payable   5,000  
Mortgage payable (due in seven years)     45,000  
Total liabilities     $85,000
       
Stockholders' Equity
Common Stock   100,000  
Retained Earnings   95,000  
Total Stockholders’ Equity     195,000
Total liabilities and stockholders’ equity     $280,000
       
       
       
         


The total dollar amount of assets to be classified as current assets is
    Flag this QuestionQuestion 191 pts Skip to question text.

Use this information to answer the following question.



 
Coyle Company
Balance Sheet
December 31, 20x5
Assets
Cash   $ 70,000  
Short-term investments   56,000  
Accounts receivable   28,000  
Notes receivable (due in six months)   42,000  
Merchandise inventory   98,000  
Special fund for purchasing a building   112,000  
Land   140,000  
Building $150,000    
  Less accumulated depreciation    28,000 122,000  
Trademark     92,000  
Total assets     $760,000
 
Liabilities
Notes payable (due in one year)   $ 70,000  
Accounts payable   130,000  
Salaries payable   14,000  
Mortgage payable (due in seven years)     46,000  
Total liabilities     $260,000
       
Stockholders’ Equity
       
Common stock     500,000
Total liabilities and stockholders' equity     $760,000
         


The total amount of working capital is
    Flag this QuestionQuestion 201 pts Skip to question text.

Use this balance sheet and income statement for the first year of operations for Cane Construction to answer the following question. Use ending balances whenever average balances are required for computing ratios.



 
Cane Construction
Balance Sheet
December 31, 20x5
Assets Liabilities
Current assets $ 14,000   Current liabilities $  8,000
Investments 6,000   Long-term liabilities       2,000
Property, plant, and equipment 24,000   Total liabilities $  10,000
Intangible assets    16,000      
    Stockholders' Equity
      Common stock   50,000
         
      Total liabilities and  
Total assets $60,000   stockholders' equity $60,000
           




 
Cane Construction
Income Statement
For the Year Ended December 31, 20x5
Net sales $80,000
Cost of goods sold   32,000
Gross margin $48,000
Operating expenses   26,400
Net income $21,600
   
   
   


The current ratio for Cane Construction is

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