Accounting

If a company had net income of $2,379,600, interest expense of 234,000, a tax rate of 40%, and operating income of 4,200,000, what would the times interest earned ratio be for the company?

10.17

17.95

7.78

7.18

4.07

 

7. A company has net sales of $870,000 and average accounts receivable of $174,000. What is its accounts receivable turnover for the period?

0.20

5.00

20.0

73.0

1,825

 

8. A company had average total assets of $897,000. Its gross sales were $1,090,000 and its net sales were $1,000,000. The company’s total asset turnover is equal to:

0.82

0.90

1.09

1.11

1.26

 

9. Sales taxes payable:

Is an estimated liability

Is a contingent liability

Is a current liability for retailers

Is a business expense

Is a long-term liability

 

10. A machine originally had an estimated useful life of 5 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining:

2 years

5 years

7 years

8 years

10 years

Solution:

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