Use the Following Information for Questions

question 19

Multiple Choice

Use the following information for questions
The following information was available for Free for All Limited at December 31, 2022:

-Free for All inventory turnover was

• A)6.0 times.
• B)7.0 times.
• C)8.5 times.
• D)10.0 times.

---

Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.

End-Of-Period Spreadsheet

A financial report used to compile and summarize the accounting information at the end of an accounting period, including balances for assets, liabilities, and equity.

Income Statement Columns

Divisions in the income statement document that categorize and display revenues, expenses, and profit or loss data.

Net Income

A company's profit margin post the deduction of all expenses and taxation from the total revenue.