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Solve the following questions based on the provided financial statements: QUESTION 1 Based on Chipotle's current ratio ( current assets / current liabilities ) ,
Solve the following questions based on the provided financial statements: QUESTION
Based on Chipotle's current ratio current assets current liabilities the company's liquidity has round to two decimal places:
a
increased from December to December
b
decreased from December to December
c
did not change from December to December
d
cannot be determined
QUESTION
Which of Chipotle's accounts was increased when the company made a sale on account credit sale
a
Cash.
b
Inventories.
c
Accounts receivable.
d
Accounts payable.
QUESTION
When Chipotle collects an accounts receivable from a customer:
a
net income does not change.
b
total assets increase.
c
retained earnings increase.
d
accounts payable decreases.
QUESTION
Chipotles most recent income statement shows the companys results of operations:
a
At December
b
For year ended December
c
At January
d
For the year ended December
QUESTION
Chipotle's total revenue earned from both cash and credit sales for its most recent year end was in thousands:
a
$
b
$
c
$
d
$
QUESTION
How much did Chipotle's total revenues exceed its total expenses for the year ended in thousands
a
$
b
$
c
$
d
$
QUESTION
At December Chipotle had $in thousands of inventory on hand.
a
True
b
False
QUESTION
Food, beverage and packing costs incurred by Chipotle for the year ended were in thousands:
a
$
b
$
c
$
d
$
QUESTION
Assuming rising prices, Chipotle's inventory method results in more net income than if LIFO was used.
True
False
QUESTION
Calculate Chipotle's inventory turnover ratio Food beverage and packaging costs Inventory for both and Then select the correct answer below.
a
Chipotle sold inventory more quickly in than in
b
Chipotle sold inventory more slowly in than in
c
Chipotle sold inventory at the same rate in as in
d
cannot be determined.
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