Question 10 Music City had profit of $43,000, net sales of $380,500 and average total assets of $220,000. Its profit margin and total asset turnover were respectively Not yet answered Marked out of 1.00 P Flag question Select one: O A 1.73% 19.5 B. 11.3% 19.5 O C . 19.5%, 11.3 O D . 11.3% 1.73 O E. 11.3%, 11.3 P rral xam Question 21 Master purchased 60,000 Kotram Corp common shares. This represents 40% of the outstanding shares. The purchase price was $142,000. The entry to record the transaction includes a Not yet answered Marked out of 100 P Flag question Select one O A Dght to Investment in Kotram Common Shares for $24,000 O B. Credit to Investment in Kotram Common Shares for $142,000 O C. Debit to Investment in Kotram Common Shares for $56,800 O D. Credit to Investment in Kotram Common Shares for $56,800 O E. Debit to Investment in Kotram Common Shares for $142,000 Question 23 Again on the disposal of a non-current asset Not yet answered Marked out of 1.00 P Flag question Select one: A. Involves cash inflows O B . Involves cash outflows O C . Does not reflect any cash flow D. Does not reflect any cash flow and is the result of an investing activity O E. Is the result of an investing activity uestion 24 A transfer from retained earnings to common shares in a share dividend transaction should be reported in the statement of cash flows as Act yet answered Marked out of 100 P Flag question Select one: O A. An operating activity B. A note or separate schedule O C . A financing activity O D . Should not be reported in the statement of cash flows O E. An investing activity If a partnership contract provides for interest at 10% annually on each partner's investment, the interest Question 28 Not yet answered Marked out of 1.00 P Flag question Select one O A Provides for the sharing of a portion of the partnership earnings in the capital ratio O B . Is an expense of the business o C. Must be paid in cash D. Is ignored when earnings are not sufficient to pay interest O E. Legally becomes a liability of the partnership