20-33

5 20 If a company has an inventory turnover of 5.6. what is the company's days in inventory for the year a 456 days b. 54.5 days C. 65.2 days d. 77.7 days Use the answer sheet for the following true/false questions. A = True B = False True/False (1 point each) = 21. TF Financial statements are prepared directly from the adjusted trial balance. 22 TF Accrued revenues are revenues that have been received but not yet recognized 23. TF Comprehensive Income excludes net income 24 TF FOB shipping point means that the seller places the goods free on board the common carrier and the buyer pays the freight costs 25 T F Goods held on consignment should be included in the consignee's ending inventory 26. T F In accounting for inventory, the assumed flow of costs must match the physical flow of goods. 27 T F I'm ready for Summer Use the answer sheet for the following Yes/No questions. A = Yes B = No (1 point each) After closing entries have been journalized and posted, which of the following accounts are still open? Open? Yes/No Account 28. Common Stock 29. Retained Earnings 30. Dividends 31 Uneared Service Revenue 32 Prepaid Insurance 33 Depreciation Expenso