Use the Following Information for Questions Below
Eugene Enterprise Ltd

question 31

Multiple Choice

Use the following information for questions below
Eugene Enterprise Ltd.revealed the following information for the years ended December 31,2019 and 2020:
$\begin{array}{lrr}&2020&2019\\\hlineCurrent~ Assets&\\Cash&\$ 25,000 & \$ 26,250 \\Accounts ~Receivable&247,500 & 299,000 \\Inventory&1,950,000 & 1,725,000\\Prepaid~ expenses&\underline{4000} &\underline{4000} \\Total~ Current ~Assets&\underline{\$ 2,226,500} & \underline{\$ 2,054,250} \\Current~ Liabilities&\$ 1,400,000 & \$ 1,225,000 \\Net ~Credit~ Sales&\$ 2,400,000 & \$ 2,255,000 \\\end{array}$
Orville Enterprise's credit terms are net 30 days.
-Eugene Enterprise's A/R turnover ratio is

• A)9.70.
• B)8.78.
• C)8.03.
• D)8.52.

Recognize examples of product, process, business model, and social business innovations.

Comprehend how competitive advantage can be achieved through innovation.

Understand the concept of reverse innovation and its impact on global markets.

Grasp the importance of experimentation and scalability in innovation.

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Definitions:

State Tax Rate

The percentage at which individuals or businesses within a state are taxed by the state government.

FICA

The Federal Insurance Contributions Act; a U.S. law that requires a deduction from paychecks to fund Social Security and Medicare benefits.

OASDI

The Old-Age, Survivors, and Disability Insurance program, part of the U.S. Social Security system, providing benefits to eligible retirees, their families, and the disabled.

Medicare

A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.