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	The essential characteristics of a liability do not include: A) The existence of a past causal transaction or event. B) Present obligation. C) The existence of a legal obligation. D) A future sacrifice of economic benefits.
	Which of the following is not a loss contingency? A) Manufacturers' product guarantees. B) Claims by government agencies with probable negative outcomes. C) Obligations due to cash rebate offers. D) Retailers' extended warranties. Explain why (it is possible to explain in two words).

Income statement 2016

Sales $2,500,000

Cost of good sold 1,300,000

New income 200,000

Balance sheets 2016 2012

Accounts receivable $ 300,000 $ 200,000

Total assets 2,000,000 1,800,000

Total shareholders equity 900,000 700,000

The accounts receivable turnover for 2016 is:

A) 10.0

B) 8.33

C) 5.2

D) 4.33

The return on shareholders' equity for 2016 is:

A) 20%

B) 8%

C) 22.22%

D) 25%