Entries by Hannah Wangui

Which of the following is correct for Smith Company when Smith issues 10,000 shares of $10 par value common stock and pays $20,000 cash in exchange for a building?

December 1, 2020 in /by

Which of the following is correct for Smith Company when Smith issues 10,000 shares of $10 par value common stock and pays $20,000 cash in exchange for a building? Themarket price of the Smith stock on the exchange date was $35 per share and the building’s book value on the books of the seller was $200,000. […]

 

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Tinker’s 2011 cost of goods sold was $750,000 and 2010 cost of goods sold was $770,000

December 1, 2020 in /by

Tinker’s 2011 cost of goods sold was $750,000 and 2010 cost of goods sold was $770,000. The inventory at the end of 2011 was $188,000 and was $208,000 at the end of 2010. 2011 Net sales was $1,150,000 for 2011, a 5% increase over 2010. What was Tinker’s inventory turnover for 2011? A. 3.79 B […]

 

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Which of the following statements is false?

December 1, 2020 in /by

Which of the following statements is false? A. A decrease in the asset turnover ratio results in a decrease in the return on assets ratio. B. An increase in average total assets results in a decrease in both the asset turnover ratio and return on assets ratio. C. A decrease in the asset turnover ratio […]

 

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