Net credit sales	$120,000
Average accounts receivable	20,000
Cash collections on credit sales	100,000

271) What is the receivables turnover ratio?

A) 5.0. B) 1.2. C) 0.2. D) 6.0.

272. If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is reasonably possible, a contingent liability should be
     1. Neither disclosed nor reported as a liability.
     2. Disclosed and reported as a liability.
     3. Reported as a liability, but not disclosed.
     4. Disclosed, but not reported as a liability.

273. ABC, sold inventory for $1,200 that was purchased for $700. ABC records which of the following when it sells inventory using a perpetual inventory system?
     1. Debit Cost of Goods Sold $700; credit Inventory $700.
     2. Debit Inventory $700; credit Cost of Goods Sold $700.
     3. Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
     4. No entry is required for cost of goods sold and inventory.

274. Which accounting number has the single greatest impact on stock prices?
     1. Net income. B) Total revenues. C) Total assets. D) Total dividends.

275. ABC has a $5 million liability at December 31, 2018, of which $1 million is payable in each of the next five years. ABC reports the liability on the balance sheet as a:
     1. $4 million current liability and a $1 million long-term liability.
     2. $1 million current liability and a $4 million long-term liability.
     3. $5 million long-term liability.
     4. $5 million current liability.