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dolphi86 [110]
3 years ago
6

Industrialization Automation Company (IAC) has a quick ratio of 2.00; $24,750 in cash; $13,750 in accounts receivable; some inve

ntory; total current assets of $55,000; and total current liabilities of $19,250. In its most recent annual report, IAC reported annual sales of $100,000 and a cost of goods sold equal to 65% of annual sales. How many times is Industrialization Automation Company (IAC) selling and replacing its inventory?
A. 0.35x
B. 30.30x
C. 19.70x
D. 21.67x
Business
1 answer:
Goshia [24]3 years ago
7 0

Answer:

The answer is 3.94x. There is no choice given is the correct choice.

Explanation:

We have Inventory turnover time = Cost of goods sold / Inventory balance. Thus, we need to find Cost of good sold and inventory balance as below:

Inventory balance = Current asset - cash balance - account receivable balance = 55,000 - 24,750 - 13,750 = $16,500.

Cost of goods sold = Annual sales x % of cost of goods sold over sales = 100,000 x 65% = $65,000.

Inventory turnover time = Cost of goods sold / Inventory = 65,000 / 16,500 = 3.94x

The answer is 3.94x. Thus, there is no correct answer in the multiple choice given out.

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Answer:

The correct answer to the following question is option D) all of the above statements A,B,C are correct .

Explanation:

Personal auto policy (PAP) is a pretty standardize policy design for auto insurance , where such policies provides coverage for medical payments , damage from both under insured and un insured motorists, for the liability and any damage to the vehicle. Under this policy any person who is injured by insured or insured himself or his family members and even any other person who is in possession of covered auto are all insured for receiving medical payments.

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Monetary policy is made by which part of the federal reserve? the board of governors. the federal open market committee. the fed
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Notamos que, por vezes, os preços dos itens nos supermercados variam em algumas casas de centavos. Contudo, devido à proximidade
saveliy_v [14]

Answer:

People usually prefer saving their time by buying at a place where they can find all the necessity products, they pay a few cents more for a single product just because they don't have to visit another store in order to buy the remaining goods.

Explanation:

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6 0
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A client would like to implement a management information system that integrates all functional areas within an organization to
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3 years ago
Deluxe Ezra Company purchases equipment on January 1, Year 1, at a cost of $469,000. The asset is expected to have a service lif
marissa [1.9K]

Answer:

to calculate depreciation using the sum-of-the-years'-digits method:

n(n+1) divided by 2 = [12(13)] / 2 = 78

depreciable value = cost - salvage value = $469,000 - $40,000 = $429,000

  1. depreciation year 1 = 12/78 x $429,000 = $66,000
  2. depreciation year 2 = 11/78 x $429,000 = $60,500
  3. depreciation year 3 = 10/78 x $429,000 = $55,000

the formula used to calculate depreciation using the double-declining-balance method is:

2 x cost of the asset x depreciation rate

  1. depreciation year 1 = 2 x $469,000 x 1/12 = $78,167
  2. depreciation year 2 = 2 x ($469,000 - $78,167) x 1/12 = $65,139
  3. depreciation year 3 = 2 x ($390,833 - $65,139) x 1/12 = $54,282
6 0
3 years ago
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