Given the Following Find the Following (Round to the Nearest Hundredth If Needed)

question 100

Short Answer

Given the following:
$$\begin{array} { | l | l | } \hline \text { Current Assets } & \$ 18,000 \\\hline \text { Accounts Receivable } & \$ 3,000 \\\hline \text { Current Liabilities } & \$ 16,000 \\\hline \text { Inventory } & \$ 2,000 \\\hline \text { Net Sales } & \$ 41,000 \\\hline \text { Total Assets } & \$ 29,000 \\\hline \text { Net Income } & \$ 6,000 \\\hline\end{array}$$ Find the following (round to the nearest hundredth if needed): A. Current ratio; B. Acid test; C. Average day's collection; D. Asset turnover; E. Profit margin on sales.

Describe how long-run and short-run costs behave and influence firm decisions.

Analyze the impact of output changes on a firm's cost in the long run.

Recognize how specialization and coordination problems affect a firm's costs.

Interpret graphs and tables to determine a firm's cost behavior over different output levels.

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Definitions:

Moral Question

An issue that involves judgments about what is right and wrong, ethical or unethical.

Business Profits

The monetary gains made by a business after subtracting all expenses from its total revenue.

Moral Principles

Fundamental beliefs about what is right and wrong that guide ethical behavior.

Duty

Duty refers to a moral or legal obligation to perform or refrain from performing a certain action.