15. Last year, Duehl Rockets had a quick ratio of 4.0 and this year they have a quick ratio of 3.0. In which year did Duehl have a more desirable quick ratio?

Question 15 options:

This year because the quick ratio is lower

It cannot be determined because quick ratios are too variable

Last year because the quick ratio was higher

None of the choices

14. An employee works 45 hours a week at rate of $20/hour and any hours over 40 must be paid at 1.5 times the regular hourly rate. How much is his gross rate?

Question 14 options:

$800.00

$950.00

$1,350.00

$900.00

13. Upon preparing the bank reconciliation statement, an adjusting entry was made that debited cash and credited interest revenue. Therefore the bank reconciliation must have included an item that was:

Question 13 options:

added to the cash ledger balance

deducted from the bank statement

added to the bank statements

deducted from the cash ledger balance

12. Which of the following statements about the different valuation methods of inventory is false?

Question 12 options:

FIFO reports a more accurate value of ending inventory than weighted average, as it is based on the most recent purchases.

Specific identification provides the true value of ending inventory and COGS but it is costly to implement and therefore not practical for items of small value.

Weighted-average method smooths out purchase price changes and is fairly simple to administer.

When product cost decreases over the period, FIFO results in the highest value of ending inventory.

11. In 2019, Delta Products reported sales revenue of $1,000,000, cost of goods sold of $600,000, salaries expense of $80,000, total assets of $1,400,000. What was the gross profit margin for the year 2019?

Question 11 options:

60%

40%

30%

140%