Supreme Corporation's Total Current Assets Are Valued at $35,000 and Are

question 284

Multiple Choice

Supreme Corporation's total current assets are valued at $35,000 and are comprised of cash, accounts receivable and inventory. Determine the value of the cash account given the following information: sales = $140,000; cost of goods sold = $120,000; accounts receivable turnover = 17.50 times; inventory turnover = 8 times.

• A) $11,000
• B) $12,000
• C) $13,000
• D) $14,000
• E) $15,000

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Local Government

A form of public administration which, in a majority of contexts, exists as the lowest tier of administration within a given state.

Funds

Resources in the form of money available for transactions or investments.

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A policy or situation where public transportation buses are provided to passengers without any charge.

Deregulation

The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.