Using the Following Amounts Taken from the Balance Sheet and Income

question 107

Essay

Using the following amounts taken from the balance sheet and income statement of a business, compute the measures listed below. After each answer, write "L" if it is a measure of liquidity or "P" if it is a measure of profitability. Round to two decimal places.
$\begin{array}{lrlr}\text { Current assets } & \$ 30,000 & \text { Average owner's equity } & \$ 60,000 \\\text { Average total assets } & 120,000 & \text { Net sales } & 64,000 \\\text { Current liabilities } & 20,000 & \text { Net income } & 3,000 \\\text { Long-term liabilities } & 40,000 & &\end{array}$
a. Current ratio
b. Return on equity
c. Return on assets
d. Working capital

Discuss the influence of heredity and environment on intelligence based on evidence from research studies.

Appreciate the limitations and criticisms of traditional IQ tests, especially in non-Western cultures.

Grasp the relationship between IQ scores, academic achievement, and vocational success.

Understand the broader validity of IQ tests in assessing academic and practical intelligence aspects.

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Definitions:

Robinson-Patman Act

A 1936 U.S. law aimed at preventing anticompetitive practices by producers, specifically price discrimination.

Suggested Retail Price

The price that manufacturers recommend retailers sell their product for to consumers, often used as a guideline rather than a strict requirement.

Labor Union

An organized association of workers formed to protect and further their rights and interests.

Boycott

An organized refusal to buy, use, or engage with a company, country, or product as a form of protest.