Question 22

Q: A company had annual cost of goods sold for calendar year 2021 of $85,000. Revenues were $200,000. The inventory balance on 12/31/2021 was $19,000. The balance on 12/31/2020 was $16,000. What is the company's days sales in inventory for 2021? (Hint: recall that the inventory turnover ratio for this set of data is 5.0.)

(Please select only one best answer)

	A.	73
	B.	82
	C.	70
	D.	76

1 points

Question 23

The net book value of a PP&E asset represents or expresses as

	A.	Its current market value (potential selling price)
	B.	Its original acquisition cost
	C.	The portion of acquisition cost that has been depreciated so far
	D.	acquisition cost accumulated depreciation

1 points

Question 24

Q: A college sports team offers season tickets priced at $50 each, which entitle subscribers to attend all 5 home games. Before the season starts, the team sells 500 season tickets. What is the team's unearned revenue liability AFTER playing the first two games?

	A.	20,000
	B.	15,000
	C.	10,000
	D.	5,000

1 points