Selected Data from Carson Corporation's Financial Statements for the Year

question 124

Multiple Choice

Selected data from Carson Corporation's financial statements for the year ended December 31, Year 2 are as follows. $\begin{array}{ll}\text { Current ratio } & 1.4 \\\text { Quick ratio } & 0.86 \\\text { Current liabilities } & \$ 450,000 \\\text { Accounts receivable tumover } & 6.0 \\\text { Merchandise inventory turnover } & 4.0 \\\text { Rate of return on assets } & 6.5 \%\end{array}$

$\text { Selected Account Balances at December 31, Year I: }$

$\begin{array}{ll}\text { Accounts receivable } & \$ 355,000 \\\text { Merchandise inventory } & 190,000\end{array}$

$\text { Year } 2 \text { Operations }$

$\begin{array}{ll}\text { Sales } & \$ 1,241,000 \\\text { Cost of goods sold } & 800,000\end{array}$ Assuming that prepaid expenses are immaterial, ending merchandise inventory at December 31, Year 2 is

• A)$180,000
• B)$210,000
• C)$220,000
• D)$240,000
• E)$260,000

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Definitions:

Gender

An idea formed by society about the acceptable roles, actions, and qualities for individuals based on their gender within a particular community.

Cultural Basis

The underlying principles or foundation from which culture is formed, encompassing values, beliefs, and practices shared by a group.

Social Basis

The foundational elements of society, including norms, values, institutions, and relationships, that shape social behavior and interactions.

Sexuality

The capacity for sexual feelings, experiences, and identities, including the direction of one's sexual attraction.