1.

Use the following information to calculate cash paid for income taxes:

Income tax expense	$60,000
Income tax payable, January 1	14,200
Income tax payable, December 31	17,000

$28,800.

$74,200.

$77,000

$57,200.

$60,000.

2.

How long a company holds inventory before selling it can be measured by dividing cost of goods sold by the average inventory balance to determine the:

Accounts receivable turnover.

Inventory turnover.

Days' sales uncollected.

Current ratio.

Price earnings ratio.

3.

A company had a market price of $38.30 per share, earnings per share of $1.65, and dividends per share of $0.80. Its price-earnings ratio equals:

26.4.

23.2.

29.2.

25.2.

21.6

3.

Jones Corp. reported current assets of $200,000 and current liabilities of $141,500 on its most recent balance sheet. The current assets consisted of $60,200 Cash; $40,900 Accounts Receivable; and $98,900 of Inventory. The acid-test (quick) ratio is:

1.4:1.

0.71:1.

0.51:1.

1:1.

0.67:1.

4.

Ash Company reported sales of $460,000 for Year 1, $510,000 for Year 2, and $560,000 for Year 3. Using Year 1 as the base year, what were the percentage increases for Year 2 and Year 3 compared to the base year?

121.7% for Year 2 and 110.9% for Year 3.

82.1% for Year 2 and 91.1% for Year 3.

110.9% for Year 2 and 121.7% for Year 3.

90.0% for Year 2 and 91.1% for Year 3.

90.0% for Year 2 and 82.1% for Year 3.

5.

Rajan Company's most recent balance sheet reported total assets of $1.92 million, total liabilities of $0.79 million, and total equity of $1.13 million. Its Debt to equity ratio is:

0.41

0.59

1.43

0.70

1.00