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Sphinxa [80]
3 years ago
6

Mark is considering opening a money market account. What is an issue that he needs to be aware of when comparing a money market

account to a checking account?
Select the best answer from the choices provided.

A) Money market accounts have higher minimum balance requirements.

B) Money market accounts give lower interest rates than checking accounts.

C)Mark will not be able to write checks from a money market account, which will encourage him to save money.

D) A money market account will force Mark to leave his money in the account for a set period of time.
Business
1 answer:
Anna11 [10]3 years ago
3 0
The right answer for the question that is being asked and shown above is that: "C) Mark will not be able to write checks from a money market account, which will encourage him to save money." This an issue that he needs to be aware of when comparing a money market account to a checking <span>account</span>
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The question is incomplete. Here is the complete question:

 

Liquidity and Solvency Measures Computations

Current ratio $3,093,000 ÷ $840,000

Working capital $3,093,000 – $840,000

Accounts receivable turnover $8,280,000 ÷ [($714,000 + $740,000) ÷ 2]

Ratio of fixed assets to long-term liabilities $2,690,000 ÷ $1,690,000

Inventory turnover $4,100,000 ÷ [($1,072,000 + $1,100,000) ÷ 2]

Number of days' sales in receivables [($714,000 + $740,000) ÷ 2] ÷ ($8,280,000 ÷ 365)

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Times interest earned ($989,400 + $127,000) ÷ $127,000

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Asset turnover $8,280,000 ÷ [($5,783,000 + $5,593,000) ÷ 2]

Return on total assets ($801,420 + $127,000) ÷ [($6,607,000 + $6,417,000) ÷ 2]

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Return on common stockholders’ equity ($801,420 – $65,000) ÷ [($3,589,500 + $3,445,920) ÷ 2]

Earnings per share on common stock ($801,420 – $65,000) ÷ 250,000 shares

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Two of the computations use shares.

Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures panel and on the Profitability Measures panel. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If < 5, round down and if ≥ 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%.

Comparative Income Statement    

For the Years Ended December 31, 20Y6 and 20Y5

 

1   20Y6 20Y5 Amount Increase (Decrease) Percentage Increase (Decrease)

2 Sales   $7,287,000.00    

3 Cost of goods sold   3,444,000.00    

4 Gross profit   $3,843,000.00    

5 Selling expenses   $1,457,600.00    

6 Administrative expenses 1,242,000.00 1,106,000.00    

7 Total operating expenses   $2,563,600.00    

8 Income from operations   $1,279,400.00    

9 Interest expense   120,600.00    

10 Income before income tax   $1,158,800.00    

11 Income tax expense   181,980.00    

12 Net income   $976,820.00    

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Items Computations value

1. Sales: Sales are taken from number of days' sales in receivables or accounts  

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2. Cost of goods sold:  Cost of goods sold is taken from number of days' sales in inventory or Inventory turnover 4,100,000.00

3. Gross profit:  Gross profit = Sales - Cost of goods sold 4,180,000.00

4. Selling expenses:  Selling expenses = Total operating expenses - Cost of goods sold - Administrative expenses 1,821,600.00

5. Administrative expenses:  available 1,242,000.00

6. Total operating expenses: Total operating expenses = Sales - Income from operations 7163600

7. Income from operations: Income from operations (or is also known EBIT) = Income before income tax + Interest expense 1,116,400.00

8. Interest expense: Interest expense is taken from Times interest earned and Return on total assets 127,000.00

9. Income before income tax: Income before income tax is taken from Times interest earned and Interest expense being specified already 989,400.00

10. Income tax expense: Income tax expense = Income before income tax - Net income 187,980.00

11. Net income: Net income is taken from Return on total assets and Return on common stockholders’ equity 801,420.00

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