Question 54 pts

Which of the following is the correct sequence of events in the percentage of sales method?

Group of answer choices

Find percentage of profit owner takes out of the business. Find assets as a percentage of sales and multiply change in sales. Find liabilities as a percentage of sales and multiply change in sales. Multiply forecasted sales by the historic profit margin.

Find percentage of profit owner takes out of the business. Find assets as a percentage of sales and multiply change in sales. Multiply forecasted sales by the historic profit margin. Find liabilities as a percentage of sales and multiply change in sales.

Multiply forecasted sales by the historic profit margin. Find assets as a percentage of sales and multiply change in sales. Find liabilities as a percentage of sales and multiply change in sales. Find percentage of profit owner takes out of the business.

Find assets as a percentage of sales and multiply change in sales. Find liabilities as a percentage of sales and multiply change in sales. Multiply forecasted sales by the historic profit margin. Find percentage of profit owner takes out of the business.

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Question 64 pts

If a fast food restaurant has hamburger patties on a serving tray at the cash register, these would be classified as ________ inventory.

Group of answer choices

maintenance, repair, and operating

work in progress

raw materials

finished goods

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Question 74 pts

A bank loan that only incurs finance charges and payment obligations when used for a business is a

Group of answer choices

note payable.

All of these.

line of credit.

promissory note.

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Question 84 pts

Trade discounts are offered ________ and cash discounts are offered ________.

Group of answer choices

to speed up collection of credit accounts; to speed up collection of trade accounts

for specific services performed for the vendor; to speed up collection of credit sales

for specific services performed by credit customers; for specific services performed by cash customers

to speed up collection of credit sales; for specific services performed for the vendor