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Use This Balance Sheet and Income Statement to Answer the Following

question 26

Multiple Choice

Use this balance sheet and income statement to answer the following question.Use ending balances whenever average balances are required for computing ratios. $Use this balance sheet and income statement to answer the following question.Use ending balances whenever average balances are required for computing ratios. \begin{array}{c} \text {Abner Systems, Inc.}\\ \text {Income Statement}\\ \text {For the Year Ended December 31, 2010}\\\begin{array}{lr} \text { Net sales } & \$ 24,000 \\ \text { Costs of goods sold } & \underline{8,000} \\ \text { Gross margin } & \$ 16,000 \\ \text { Operating expenses } & \underline{8,000}\\ \text { Income before income taxes }&\$8,000 \\ \text { Income taxes }& \underline{3,200}\\ \text {Net income } & \$4,800 \end{array}\end{array} The asset turnover for Abner Systems is A) 1.00 times. B) 1.33 times. C) .83 times. D) 1.20 times.$ $\begin{array}{c}\text {Abner Systems, Inc.}\\\text {Income Statement}\\\text {For the Year Ended December 31, 2010}\\\begin{array}{lr}\text { Net sales } & \$ 24,000 \\\text { Costs of goods sold } & \underline{8,000} \\\text { Gross margin } & \$ 16,000 \\\text { Operating expenses } & \underline{8,000}\\\text { Income before income taxes }&\$8,000 \\\text { Income taxes }& \underline{3,200}\\ \text {Net income } & \$4,800 \end{array}\end{array}$

The asset turnover for Abner Systems is

Recognize the role of power, wealth, and prestige in determining social status.

Comprehend the impact of socioeconomic factors on social mobility and inequality.

Identify the theories explaining the distribution and exercise of power within societies.

Understand the relationship between social class and access to resources.

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