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.

---

Definitions:

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount on which the tax is levied.

Marginal Tax Rate

The percentage at which the next dollar earned of taxable income is subjected to tax.

Average Tax Rate

The total amount of taxes paid by an individual or business divided by the taxable income, reflecting the proportion of income paid in taxes.

Flypaper Theory

A concept suggesting that government grants and subsidies stick where they first land, meaning they benefit the entity they're directly given to rather than being efficiently redistributed.