Accounting

Is a Note Payable (due in 90 days) a current or long-term account? Current

Is Note Receivable (due in 2 years) a current or long-term account? Long-term

Is Prepaid rent (next six months) a current or long-term account? Current

Is accounts receivable a current or long-term account? Current

The asset turnover for 20X2 is: A. 1.25 B. 0.80 C. 1.32 D. 0.72 C. 1.32

The return on shareholders’ equity for 20X2 is: A. 20% B. 8% C. 22.22% D. 25% D. 25%

The accounts receivable turnover for 20X2 is: A. 10.0 B. 8.33 C. 5.2 D. 4.33 A. 10.0

The Esquire Company reported sales of $1,600,000 and cost of goods sold of $1,122,000 for the year ended December 31, 20X2. Ending inventory for 20X1 and 20X2 was $420,000 and $460,000, respectively. Esquire’s inventory turnover for 20X2 is: A. 2.44 B. 2.55 C. 3.64 D. 3.48 B. 2.55

Smith Company earns a 12% return on assets. If net income is $720,000, average total assets must be: A. $86,400 B. $6,000,000 C. $6,086,400 D. $3,000,000 B. $6,000,000

In a statement of cash flows, International Financial Reporting Standards allow companies to report interest paid as: A. Either an operating or investing cash flow. B. Either an investing or financing cash flow. C. An operating cash flow only. D. Either an operating or a financing cash flow. D. Either an operating or a financing […]