Sports Unlimited reports net income of $240,000, sales revenue of $24 million, and average assets of 3 million. The asset turnover is: 12 times. 8 times. 1.5 times. 0.08 times. Which of the following is an example of horizontal analysis? Comparing gross profit across companies. Comparing gross profit with operating expenses. Comparing assets with equity. Comparing the change in sales over time. Which of the following is an example of horizontal analysis? Comparing a balance sheet account over time. Comparing a balance sheet account with an income statement account. Comparing a balance sheet account with another balance sheet account at the same point in time. Comparing an income statement account with another income statement account at the same point in time. Sports Unlimited reports net income of $240,000, sales revenue of $24 million, and average assets of 3 million. The profit margin is: 10%. 8%. 12.5%. 1%. A loss from discontinued operations is reported As an operating expense. As part of other revenues and expenses. Before income tax expense. Below income from continuing operations. A loss due to an employee strike should be reported as: Selling expenses. Discontinued operations. Other revenues and expenses. A separate line item in retained earnings. Which of the following is an example of aggressive accounting? Adjusting the allowance for uncollectible accounts to a larger amount. The write-down of overvalued inventory. Changing to a shorter useful life for depreciating a long-lived asset. Recording the lowest possible warranty expense