Condensed Financial Data Are Presented Below for the Phoenix Corporation

question 122

Multiple Choice

Condensed financial data are presented below for the Phoenix Corporation:
$\begin{array}{lrr}&2014&2013\\\text { Accounts receivable } & \$ 267,500 & \$ 230,000 \\\text { Inventory } & 312,500 & 257,500 \\\text { Total current assets } & 670,000 & 565,000 \\\text { Intangible assets } & 50,000 & 60,000 \\\text { Total assets } & 825,000 & 695,000 \\\text { Current liabilities } & 252,500 & 200,000 \\\text { Long-term liabilities } & 77,500 & 75,000 \\\text { Sales } & 1,640,000 & \\\text { Cost of goods sold } & 982,500 & \\\text { Interest expense } & 10,000 & \\\text { Income tax expense } & 77,500 & \\\text { Net income } & 127,500 & \\\text { Cash flow from operations } & 71,000 & \\\text { Cash flow from investing activities } & (6,000) & \\\text { Cash flow from financing activities } & (62,500) & \\\text { Tax rate } & 30 \% &\end{array}$
-The inventory turnover for 2014 is (rounded) :

• A)2.61 times.
• B)3.12 times.
• C)3.45 times.
• D)3.80 times.

Grasp the significance of meaning in the communication process and the role of feedback in ensuring message comprehension.

Know the stages of the writing process and the importance of spending sufficient time on each phase.

Comprehend the concepts of encoding and decoding in the communication process.

Understand the selection of communication channels and the effect of noise in the communication process.

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Definitions:

FOIA

stands for the Freedom of Information Act, a U.S. law that grants the public the right to request access to records from any federal agency, promoting transparency in government.

Federal Agencies

Government bodies established by the United States Congress to implement and administer specific federal laws and policies.

Providing Records

The process or action by which an individual or entity supplies or makes available documents or data as required by law or agreement.

Electronic Means

The utilization of digital or electronic equipment and technology to communicate, process, or store information.