11. For Hallie's Pie Company you have the following data. Income Statement Item Amount Sales (all on credit) $250,000 Cost of Goods Sold (110,000) Gross Profit 140,000 Income from operations 44,000 Interest expense (14,000) Income before taxes 30,000 Income tax expense (12,000) Net income 18,000 Balance Sheet Item Beginning Ending Accounts receivable $17,400 $ 22,600 Inventory 11,300 12,700 Total assets 99,000 121,000 Total equities 63,000 71,000 Hallie's Inventory turnover ratio was: a. 9.73. b. 8.66. c. 9.16. d. 1.5. e. None of the above is correct.

12. An employee who had performed services for Ajax Company during the year had not been paid by December 31. The adjusting entry which Ajax Company must make before it prepares its financial statements for the year ended December 31 involves: a. A credit to a liability account. b. A debit to a liability account. c. A credit to an asset account. d. A debit to an asset account. e. No entry is required until the employee is paid.

13. Which of the following accounts would NOT appear in the post-closing trial balance? a. Unearned Rent Revenue b. Dividends c. Supplies d. Salaries Payable