The average number of common stock shares outstanding during the year was 840 sh

Question

The average number of common stock shares outstanding during the year was 840 shares. Net earnings for the year were $6,300 24. XYZ's current ratio is a. 6.0 to 1. b. 5.5 to 1. c. 4.0 to 1. d. 4.5 to 1 25. XYZ's quick (acid-test) ratio is a.4.0 to 1 b.4.5 to 1 c.3.5 to 1. d. 3.0 to 1 26. XYZ's earnings per share is a. $7.50 per share b. $7.00 per share c. $0.13 per share. d. none of the above 27. XYZ'S return of assets is a. 7.9% b. 14.6% c.11.1% d. none of the above. 29. XYZ's debt to equity ratio is a. 75.0% b. 62.2% c. 34.2% d. 22.2% 30. ABC Company's merchandise inventories and other selected amounts for 2015 follow. Assuming the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2015? a. 4.00 b. 4.40 c. 5.00 d. 5.45

Explanation / Answer

Answer 30)

Average inventory = 600,000 + 500,000 / 2 = 550,000

Sales 3,000,000

Inventory turnover = 3,000,000 / 550,000

= 5.45

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