Flag this Question Question 1 1 pts A debt to equity ratio of 1.0 means that half of the company’s assets are financed by creditors. Flag this Question Question 2 1 pts The Sarbanes-Oxley Act requires a company to guarantee that its financial statements are 100 percent accurate. Flag this Question Question 3 1 pts The cost-benefit convention holds that the benefits to be gained from providing accounting information should be greater than the costs of providing it. Flag this Question Question 4 1 pts The investments category on the balance sheet normally includes investments that are intended to be held for a long period of time. Flag this Question Question 5 1 pts Investors and creditors use financial statements to evaluate a company’s ability to pay dividends and interest. Flag this Question Question 6 1 pts Current assets divided by current liabilities is known as the Flag this Question Question 7 1 pts The normal operating cycle helps define which of the following balance sheet sections? Flag this Question Question 8 1 pts Which of the following is a measure of liquidity? Flag this Question Question 9 1 pts The user can depend on the accuracy of financial information when which of the following qualitative characteristics has been followed? Flag this Question Question 10 1 pts Relevance is comprised of all of the following except Flag this Question Question 11 1 pts ___________ is related to both the nature of an item and its size. Flag this Question Question 12 1 pts The lower-of-cost-or-market method of accounting for inventories follows the convention of Flag this Question Question 13 1 pts A practical decision to expense a $120 printer rather than record it as property, plant, and equipment and depreciate it probably is made on the basis of the convention of Flag this Question Question 14 1 pts The convention of consistency refers to consistent use of accounting principles Flag this Question Question 15 1 pts The profit margin equals Flag this Question Question 16 1 pts Skip to question text. Use this balance sheet and income statement to answer the following question. Use ending balances whenever average balances are required for computing ratios. National Textile Balance Sheet December 31, 20×5 Assets Liabilities Current assets $ 12,000 Current liabilities $ 8,000 Investments 2,000 Long-term liabilities 2,000 Property, plant, and equipment 16,000 Total liabilities $ 10,000 Intangible assets 10,000 Stockholders’ Equity Common stock 30,000 Total liabilities and Total assets $40,000 stockholders’ equity $40,000 National Textile Income Statement For the Year Ended December 31, 20×5 Net sales $48,000 Cost of goods sold 16,000 Gross margin $32,000 Operating expenses 22,400 Net income $ 9,600 The current ratio for National Textile is Flag this Question Question 17 1 pts Skip to question text. Use this balance sheet and income statement to answer the following question. Use ending balances whenever average balances are required for computing ratios. National Textile Balance Sheet December 31, 20×5 Assets Liabilities Current assets $ 12,000 Current liabilities $ 8,000 Investments 2,000 Long-term liabilities 2,000 Property, plant, and equipment 16,000 Total liabilities $ 10,000 Intangible assets 10,000 Stockholders’ Equity Common stock 30,000 Total liabilities and Total assets $40,000 stockholders’ equity $40,000 National Textile Income Statement For the Year Ended December 31, 20×5 Net sales $48,000 Cost of goods sold 16,000 Gross margin $32,000 Operating expenses 22,400 Net income $ 9,600 The return on assets for National Textile is Flag this Question Question 18 1 pts Skip to question text. Use this information to answer the following question. Sunshine Travel Balance Sheet December 31, 20×5 Assets Cash $ 40,000 Short-term investments 20,000 Notes receivable (due in ten months) 15,000 Accounts receivable 10,000 Merchandise inventory 35,000 Land held for future use 40,000 Land 45,000 Building $50,000 Less accum…
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