Big Deer Industries gathered the following year-end data (in thousands) for 2010 and 2009: 2010 2009 Current Assets $450 $500 Long-Term Assets 810 620 Current Liabilities 310 420 Long-Term Liabilities 500 610 Owners Equity 500 300 Net Sales 900 810 Gross Margin 410 400 Net Income 180 135 The current ratio at the end of 2010 was: A) 1.76 B) 1.56 C) 1.45 D) 1.03 |8 Big Deer Industries gathered the following year-end data (in thousands) for 2010 and 2009: 2010 2009 $450 $500 Current Assets Long-Term Assets 810 620 Current Liabilities 310 420 Long-Term Liabilities Owners' Equity Net Sales 500 610 500 300 900 810 Gross Margin 410 400 Net Income 180 135 The return on owners' equity for 2010 was: A) 35.0% B) 37.8% C) 45.0% D) 57.3% O B O D 12 Little Deer Industries gathered the following year-end data (in thousands) for 2010 and 2009: 2010 2009 Current Assets $525 $465 Long-Term Assets 885 585 Current Liabilities 385 385 Long-Term Liabilities 575 575 Owners Equity 575 265 Net Sales 975 775 Gross Margin 485 365 Net Income 255 100 The asset turnover ratio for 2010 was: A) 79.3 B) 81.3 C) 85.6 D) 90.1 , 17 D A minimum cash balance that a company must maintain in a bank account to continue to earn interest or to avoid service charges is referred to as a A) petty cash balance B) connecting balance C) compensating balance D) non-sufficient funds balance o c