Classic Winery had profit of $39,500, net sales of $285,000, and average total assets of $185,700. Its profit margin and total asset turnover were 0 13.9%; 1.53 O 13.9% 21.3 O 21.3%; 13.9 O 1.53%; 21.3 0 1.53%; 1.53 The remaining balance in Prepaid Insurance on December 31, 2021 0 00 was for a six-month insurance policy purchased for $16,800 and in effect on July 1,2020. What is the required adjustment amount on December 31st? * O $4,750 O $8,750 O O O $5,000 $4,500 $2,800 TechCom had net sales of $480,000 and average accounts receivable of $64.000. Its accounts receivable turnover was 7.0. O True O False Dell's accounts receivable turnover was 5.7 for this year and 5.4 for last year. Lenovo's accounts receivable turnover was 6.8 for this year and 7 for last year. This means that O Dell has the better turnover for both years O Dell's turnover is improving O Dell has the better turnover for both years and Lenovo's turnover is improving O Lenovo has the worse turnover for both years O Lenovo's turnover is improving In order, the last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements, preparing adjusting entries and preparing closing entries. True False Walmart had sales of $500,100. Cost of goods sold was $143,400. What is the gross profit?* O O $216,600 $217,100 $503,900 $356,700 $213,300 David Company had assets of $13,500,000, profit of $3.900.000, and net sales of $167.155.000. Its profit margin was 3.2%. O True False When is it acceptable to use the direct write-off method to account for