Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 100,000 271) What...
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271) What is the receivables turnover ratio?
A) 5.0. B) 1.2. C) 0.2. D) 6.0.
- If management can estimate the amount of loss that will occur
due to litigation against the company, and the likelihood of the
loss is reasonably possible, a contingent liability should be
- Neither disclosed nor reported as a liability.
- Disclosed and reported as a liability.
- Reported as a liability, but not disclosed.
- Disclosed, but not reported as a liability.
- ABC, sold inventory for $1,200 that was purchased for $700. ABC
records which of the following when it sells inventory using a
perpetual inventory system?
- Debit Cost of Goods Sold $700; credit Inventory $700.
- Debit Inventory $700; credit Cost of Goods Sold $700.
- Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
- No entry is required for cost of goods sold and inventory.
- Which accounting number has the single greatest impact on stock
prices?
- Net income. B) Total revenues. C) Total assets. D) Total dividends.
- ABC has a $5 million liability at December 31, 2018, of which
$1 million is payable in each of the next five years. ABC reports
the liability on the balance sheet as a:
- $4 million current liability and a $1 million long-term liability.
- $1 million current liability and a $4 million long-term liability.
- $5 million long-term liability.
- $5 million current liability.
Homework Answers
1. receivable turnover ratio = sales / receivable = 120,000 / 20,000 = 6
option (D)
2. Option D disclosed but not reported
3. Option A
- Debit Cost of Goods Sold $700; credit Inventory $700.
4.option d total dividend
5. Option B 1 million current liability and 4 million long term liability
Add Answer to:
Net credit sales
$120,000
Average accounts receivable
20,000
Cash collections on credit sales
100,000
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