question 72
Multiple Choice
The following information pertains to Ortiz Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant and equipment Total Assets Liabilities and Stockholders’ Equity Current liabilities Long-term liabilities Stockholders’ equity-common Total Liabilities and Stockholders’ Equity Income Statement Sales Cost of goods sold Gross profit Operating expenses Net income Number of shares of common stock Market price of common stock Dividends per share $45,00025,00012,000210,000$292,000$50,00090,000152,000$292,000$120,00066,00054,00030,000$24,0006,000$20.50 What is the inventory turnover for Ortiz?
Analyze the concept of absolute advantage in the production of goods.
Interpret production possibility frontiers and their implications for trade and specialization.
Evaluate the impact of specialization and trade on world production and consumption.
Calculate the opportunity cost of producing goods in different countries.
Definitions:
Small Intestine
The part of the gastrointestinal tract between the stomach and large intestine, where most of the digestion and absorption of food takes place.
Esophageal Hiatus
Hole in the diaphragm through which the esophagus passes.
Diaphragm
A dome-shaped muscular partition separating the thorax from the abdomen in mammals, playing a major role in breathing by contracting and expanding the lungs.
Epiglottis
The flap-like structure that closes off the larynx during swallowing.