Table 3.1 Information (2019 Values)

question 26

Multiple Choice

Table 3.1 Information (2019 values)
1.Sales totaled $110,000
2.The gross profit margin was 25 percent.
3.Inventory turnover was 3.0.
4.There are 360 days in the year.
5.The average collection period was 65 days.
6.The current ratio was 2.40.
7.The total asset turnover was 1.13.
8.The debt ratio was 53.8 percent.
-Net fixed assets for CEE in 2019 were ________.(See Table 3.1)

• A)$45,484
• B)$48,975
• C)$54,511
• D)$69,341

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Definitions:

Promissory Estoppel

A legal principle preventing a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.

Promisee

The person to whom a promise is made in a contractual agreement, and who stands to benefit from its fulfillment.

Promise

A promise or guarantee that an individual will take a specific action or ensure a certain event occurs.

Legally Sufficient

Describes evidence or information that meets the established legal standards to support a claim or decision in court.