Net income (in millions)	$150
Shares outstanding (in millions)	300
Stock price	$20.00

206) What is the price-earnings ratio?

A) 40.0. B) 60.0. C) 80.0. D) 20.0.

207. For a journal entry with only two lines, the following entry is valid: Decrease in Revenue, Decrease in Expense.
     1. True B) False

208. Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/10, n/60?
     1. Credit Purchase Discounts $18. B) Debit Sales Discounts $18.

C) Debit Cash $900. D) Credit Accounts Receivable $882.

Date		Quantity	Price
March 1	Beginning Inventory	20	$2
March 7	Purchase	15	3
March 11	Sale	25	7
March 12	Purchase	20	4

209) At is gross profit using LIFO cost flow assumptions?

A) $120. B) $105. C) $175. D) $80.

210. Temporary accounts are found
     1. On neither the Balance Sheet and Income Statements
     2. On the Balance Sheet
     3. On the Income statesment
     4. On both the Balance Sheet and Income Statements