Rags to Riches Selected Data from the Financial Statements Are

question 48

Multiple Choice

Rags to Riches Selected data from the financial statements are provided below:
$\begin{array}{ll}& \underline{ 2015 } & \underline{ 2014 } \\ \text { Accounts Receivable } &\$ 120,000 & \$ 76,000 \\ \text { Inventory } &24,000 & 32,000 \\ \text {Total Assets } &900,000 & 760,000 \\ \text { Net Sales } &760,000 & 540,000 \\ \text { Cost of Goods Sold } &320,000 & 420,000\end{array}$
-Refer to Rags to Riches.Which of the following would result from a vertical analysis of the company's income statement?

• A)The accounts receivable turnover ratio is 7.76 in 2015.
• B)Gross profit is 57.9% of net sales for 2015.
• C)Cost of goods sold decreased $50,000 or 23.8% during 2015.
• D)Net sales is 84.4% of total assets for 2015.

Describe the role and formation of the Sons of Liberty and their impact on colonial resistance.

Analyze the arguments presented by colonial intellectuals against British taxation and their concepts of representation.

Understand the significance and outcomes of the repeal of the Stamp Act and the role nonimportation movements played.

Recognize the reasons behind the British deployment of troops to Boston and its implications.

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