16. Suppose you saw this journal entry: Note Payable Interest Expense Cash ($850) 12-02-2018 50 S(900) What would you say about this journal entry? this journal entry is improper because there are no such accounts in a financial a. statement b. this journal entry correctly records the payment of cash to cover a note payable and the related interest this journal entry properly shows that the company paid off a liability and the related interest C. d. this journal entry is incorrect because brackets or parentheses should not be used 17. Mergent Online is especially known for being: a source for business news and press releases for privately-held companies b a. a source for financial ratios arranged by NAICS code a source for regulation and government reports a source for financial statements and competitor comparisons for public companies C. d. 18. The professor in this class is always saying, "everything in accounting has sides." five a. b. three two C. d. infinite Part III: Financial Statement Analysis (22 points) Please find the most recent 10-K for the Toro Company. You will want to get the 10-K. Please answer the following questions using the most recent year-end for Toro 1. Year-End What is the most recent :year-end for Toro? Why does this seem reasonable? Ratio Analysis 2. Compute these ratios for Toro. Use the most currentyear-end. The ratio formulas are from the Chapter 13 material. Note: Please show all of your work. Show the ratio formula and the numbers that go in the formula, and the result. Indicate if the result is stated in dollars, a percent, or something else. Example $400,000 Current Assets 0.6667 or 0.67 to 1.00 Current Ratio = Current Liabilities $600,000 Note: Please round to two decimal places. This could be: 14.05% or 34.57 days or 9.21 times a year. If you have to make any assumptions, please state what they are ADD SPACE AS NECESSARY FOR YOUR CALCULATIONS 1. Earnings Quality 2. Inventory Turnover 3. Average Days to Sell Inventory 4. Return on Assets 5. Times Interest Earned 6. Quick 7. Current 8. Fixed Asset Turnover