Which of the following is not a solvency ratio The current ratio B) Time interest earned ratio C) The debt to equity ratio D) All of these For a journal entry with only two lines, the following entry is valid Decrease in Owners' Equity, Increase in Expense False B) True Allocation is primarily as issue in Measuring Income B) None of the other three C) Measuring Assets D) Both Measuring Assets and Income ABC has beginning inventory for the year of $18,000 During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000 ABC's ending inventory equals A) $21,000 B) $18,000 C) $15,000 D) $19,000 Of the following inventories 1) Raw Materials Inventory, 2) Work in Process Inventory, 3) Finished Goods Inventory, how many turn into Cost of Goods Sold directly Two B) None C) One D) Three ABC buys widgets for $5 cash and sells them on account for $8 What is the sacrifice value of a receivable on the books of ABC $8 $5 $3 Impossible to determine from the given information For a journal entry with only two lines, the following entry is valid Increase in Revenue, Decrease in Expense False B) True In the P E ratio P is forward looking E is backward looking P is backward looking E is backward looking P is forward looking E is forward looking P is backward looking E is forward looking Cost of goods sold $420,000 Sales revenue 800,000 Nonoperating expenses 10,000 Operating expenses 170,000 Income tax expense 80,000 370) What is operating income A) $200,000 B) $210,000 C) $380,000 D) $120,000

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Posted on Sep 06, 2024

Which of the following is not a solvency ratio?
1. The current ratio. B) Time interest earned ratio.

C) The debt to equity ratio. D) All of these.

For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense.
1. False B) True

Allocation is primarily as issue in
1. Measuring Income B) None of the other three

C) Measuring Assets D) Both Measuring Assets and Income

ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals:

A) $21,000. B) $18,000. C) $15,000. D) $19,000.

Of the following inventories 1) Raw Materials Inventory, 2) Work in Process Inventory, 3) Finished Goods Inventory, how many turn into Cost of Goods Sold directly?
1. Two B) None C) One D) Three

ABC buys widgets for $5 cash and sells them on account for $8. What is the sacrifice value of a receivable on the books of ABC?
1. $8
2. $5
3. $3
4. Impossible to determine from the given information
For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense.
1. False B) True
In the P/E ratio
1. P is forward looking; E is backward looking.
2. P is backward looking; E is backward looking.
3. P is forward looking; E is forward looking.
4. P is backward looking; E is forward looking.
Cost of goods sold

$420,000

Sales revenue

800,000

Nonoperating expenses

10,000

Operating expenses

170,000

Income tax expense

80,000

370)

What is operating income?

A) $200,000. B) $210,000. C) $380,000. D) $120,000.