The following statements are either true or false. Place a (T) in the parentheses before each true statement and an (F) before each false statement. 1. (T) A current ratio of 2 to 1 always indicates that a company can easily meet current debts. 2. ( ) Accounts receivable tumover of 6.4 times in 2021 and 8.2 times in 2020 indicates that a company is collecting its accounts receivable more rapidly in 2021 than in 2020. 3. ( ) If accounts receivable is $150,000, and net credit sales is $1,000,000, days sales uncollected is 15 . 4. ( ) On a common-size income statement, the amount of net sales is assigned a value of 100%. 5. ( ) To calculate inventory tumover, cost of goods sold is divided by gross sales. 6. ( ) The ratios and turnovers of a selected group of competitive companies normally are the best bases of comparison for analyzing financial statements. (hint: pg. 504) 7. ( ) Return on total assets summarizes the two components of operating efficiency-profit margin and total asset turnover. 8. ( ) Current ratio, acid-test ratio, accounts receivable turnover, and inventory turnover are tools for evaluating shortterm liquidity