1) Given an accounts receivable turnover of 8 and annual credit sales of $362,000, the average collection period (360-day year) is A) 90 days. B) 45 days. C) 75 days. D) 60 days.

2) Smith Corporation has current assets of $11,400, inventories of $4,000, and a current ratio of 2.6. What is Smith's quick or acid test ratio? A) 1.69 B) 0.54 C) 0.74 D) 1.35

3) Billing's Pit Corporation has an accounts receivable turnover ratio of 3.4. What is Billing's Pit Corporation's average collection period? A) 107 days B) 102 days C) 73 days D) 55 days

4) Millers Metalworks, Inc. has a total asset turnover of 2.5 and a net profit margin of 3.5%. The total debt ratio for the firm is 50%. Calculate Millers's return on equity. A) 17.5% B) 19.5% C) 21.5% D) 23.5%

5) Ortny Industries has an accounts receivable turnover ratio of 4.3. If Ortny has an accounts receivable balance of $90,000, what is Ortny's average daily credit sales? A) $387,000 B) $1,548 C) $1,060 D) $3,521

6) Spinnit, Limited has a debt ratio of .57, current liabilities of $14,000, and total assets of $70,000. What is the level of Spinnit, Limited's total liabilities? A) $25,900 B) $24,600 C) $39,900 D) $53,900