7. Blasso Co.'s net accounts receivable were $500,000 at December 31, 2000 and $600,000 at December 31, 2001. Net cash sales for 2001 were $200,000. The accounts receivable turnover for 2001 was 5.0. What were Blasso's total net sales for 2001? a. $2,950,000 b. $3,000,000 c. $3,200,000 d. $5,500,000 8. During 1989, Rand Co. purchased $960,000 of inventory. The cost of goods sold for 1989 was $900,000, and the ending inventory at December 31, 1989 was $180,000. What was the inventory turnover for 1989? a. 6.4 b. 6.0 c. 5.3 d. 5.0 9.Last year's asset turnover ratio for WuerffelAirlines was 2.5. This year, sales increased by 20% and average total assets increased by 10%. What is the new asset turnover ratio? A. 2.50 B. 2.59 C. 2.73 D. 3.00 13. What would be a company's "times interest earned ratio" if interest paid on loans amount to P9,000 and its net income after income tax is P99,000. (Assume a 25% income tax rate on first P100,000 of income and 35% income tax rate on income in excess of P100,000.) a. 10 times b. 12 times c. 13 times d. 16.21 times 14.The average stockholders equity for ABC Company for 2000 was P2,000,000. Included in this figure is P200,000 par value of 8% preferred stock, which remained unchanged during the year. The return on common shareholders' equity was 12.5% during the 2000. How much was the net income of the company in 2000? a. P234,000 b. P241,000 c. P250,000 d. P225,000 15.Planners have determined that sales will increase by 25% next year, and that the profit margin will remain at 15% of sales. Which of the following statements is correct? A. Profit will grow by 25%. B. The profit margin will grow by 15%. C. Profit will grow proportionately faster than sales. D. Ten percent of the increase in sales will become net income. 17.Associated Co. paid out one-half of its 1994 earnings by dividends. Its earnings increased by 20% and the amounts of its dividends increased by 15% in 1995. Associated's dividend payout ratio for 1995 was a. 51.5% b. 52.3% c. 75.0% d. 47.9% 18.Earnings per share amount to P10 and the price earnings ratio is 5. If the dividend yield is 8%, a. Market price of the stock must be P40. b. Market value of the stock cannot be determined. c. The amount of dividend cannot be determined. d. The dividend is P4 per share