Which Financial Statement(s)do You Need to Calculate a Company's Inventory

question 175

Multiple Choice

Which financial statement(s) do you need to calculate a company's inventory turnover ratio?

• A)only the income statement
• B)only the balance sheet
• C)both the income statement and the balance sheet
• D)both the balance sheet and the statement of cash flows

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Definitions:

Retirement Age

The age at which a person is eligible to retire from their occupation and begin receiving pension or retirement benefits.

Subminimum Wages

Wages paid to certain workers that are below the federal or state minimum wage level, often justified by specific conditions such as training periods or disabilities.

Fair Labor Standards Act

United States legislation that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week, among other protections for workers.

Social Security

A government program that provides financial assistance to people who are retired, disabled, or survivors of deceased workers, mainly funded through payroll taxes.