22) ABC receives a $9,000, 8%, 2-month note. The maturity value is: A) $720. B) $120. C) $9,120. D) $9,720. 23) A business is holding a note receivable and wishes to cash it in before its maturity date by selling it to a bank. If the business receives more than the maturity value of the note, the difference is treated as: A) Interest revenue. B) Sales revenue. C) Gain on sale of property, plant & equipment. D) Interest expense. 24) Martin Sales provides the following information: Net credit sales. Net accounts receivable, beginning of year Net accounts receivable, end of year $500,000 23,500 18,000 How much is the accounts receivable turnover ratio? (Please round to the nearest whole number.) A) 0.24 B) 13.00 C) 27.00 D) 24.00 25) The acid-test ratio measures: A) how well a company can pay its current liabilities with its most liquid current assets. B) how many days it takes, on average, to collect receivables. C) how many days it takes, on average, to sell the inventory. D) the number of times per year a company sells goods and collects receivables. 26) Which of the following describes the key significance of the acid ratio? A) It measures a company's ability to pay its current liabilities by using its current assets. B) It measures the profitability of a company. C) It reflects how much long-term debt a company has. D) It indicates how much cash could be realized by selling off all the inventory. sets iab 3