Below is selected financial information for Panettone, Inc. In the answer boxes below, select the right answer from the drop-down menu. Each answer is worth 2 points. Answers are rounded to two decimals.

Ratio	Answer
Days Sales in Inventory	Answer79.844.5753.4173.54
Average Collection Period	Answer6.835.3479.8453.41
Dividend Payout Ratio	Answer4.773.280.690.16
Return on Sales	Answer0.080.100.120.14
Current Ratio	Answer1.751.231.560.57

Question 12

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ABC Inc. sells socks. During January 2016, its inventory records for one brand of its socks were as follows:

	Quantity	Price per pair
Beginning Inventory	10 pairs	$20	= $200
January 6 Purchase	4 pairs	$25	= $100
January 10 Sale	5 pairs	N/A
January 15 Purchase	7 pairs	$30	= $210
January 20 Sale	10 pairs	N/A
January 25 Purchase	4 pairs	$30	= $120

See information above. Using this information, the cost of goods sold using the periodic average cost method is

Select one:

a. $358

b. $265

c. $378

d. $236

Question 13

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At the beginning of the year, Company ABC reported total liabilities of $185,300. At the end of the year, the company reported total liabilities of $220,400. Total assets at the end of the year were $43,000 larger than at the beginning of the year. Assuming that the company declared and paid a $3,100 dividend during the year, what was net income (loss) for the year?

Select one:

a. $177,400

b. $12,300

c. $7,900

d. $11,000

Question 14

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Below is selected financial information for Panettone, Inc. In the answer boxes below, select the right answer from the drop-down menu. Each answer is worth 2 points. Answers are rounded to two decimals.

Ratio	Answer
Gross Profit Ratio	Answer39.29%25.21%32.14%20.93%
Price-Earnings Ratio	Answer2.442.660.013.20
Inventory Turnover	Answer4.662.837.002.18
Quick Ratio	Answer1.001.750.500.80
Accounts Receivable Turnover	Answer23.537.006.544.25

Question 15

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You have purchased 100 units of product X, which has a list price of $13.60 per unit. Because you are a wholesaler, you are granted a trade discount of 19.3%. The cash discount terms are 2/6, n/45. How much will you pay in total for product X assuming that you pay for the product within 4 days of purchase?

Select one:

a. $1,360.00

b. $1,332.80

c. $1,075.57

d. $1,097.52