Given Below Are Comparative Balance Sheets and an Income Statement

question 52

Multiple Choice

Given below are comparative balance sheets and an income statement for Claret Corporation
$\begin{array} { l } \hline \text { Claret Corporation } & \text { Claret Corporation } \\\text { Balance Sheets }-2009 & \text { Income Statement } \\&\text { For the year ended } 2009\\\begin{array}{|l|r|r|}\hline& {\text { Dec.31 }} & \text { Jan. 1 } \\\hline \text { Equipment (net) } & \$ 57,200 & \$ 66,300 \\\hline \text { Inventory } & 32,500 & 36,400 \\\hline \text { Accounts receivable } & 46,800 & 37,700 \\\hline \text { Cash } & 15,600 & 15,600 \\\hline & \$ 152,100 & \$ 156,000 \\\hline \text { Accounts payable } & 26,000 & 28,600 \\\hline & & \\\hline \text { Dividends payable } & 7,800 & 3,900 \\\hline \text { Long-term note payable } & 14,300 & 14,300 \\\hline \text { Share capital, \$5 par } & 72,800 & 72,800 \\\hline \text { Retained earnings } & 31,200 & 36,400 \\\hline & \$ 152,100 & \$ 156,000 \\\hline\end{array}&\begin{array}{|l|r|}\hline \text { Sales } & \$ 228,800 \\\hline \text { Cost of goods sold } & (137,540) \\\hline \text { Gross profit on sales } & \$ 91,260 \\\hline \text { Operating expenses } & (75,868) \\\hline \text { Operating profit } & \$ 15,392 \\\hline \begin{array}{l}\text { Interest expense and } \\\text { income taxes }\end{array} & (9,100) \\\hline \text { Profit } & \$ 6,292 \\\hline\\\hline\\\hline\\\hline\\\hline\\\hline\end{array}\end{array}$
All sales were made on account. Cash dividends declared during the year totaled $11,492
-Refer to the above data. Claret Corporation's inventory turnover for 2009 is:

• A) 6.6 times.
• B) 3.9 times.
• C) 4.1 times.
• D) 94 days.

Recognize the historical development and foundational influence of classification systems on modern diagnostic criteria.

Analyze the reliability and validity of assessment tools in psychology.

Examine the controversies and criticisms associated with diagnostic criteria and classification systems.

Understand the role and techniques of naturalistic observation in assessing behavior.

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Definitions:

Contribution Format

A type of income statement where fixed and variable costs are separated to calculate contribution margin.

Traditional Format

A method of organizing income statement or other financial statements using a conventional structure, typically separating costs into fixed and variable categories.

Variable Selling Expense

Costs that vary directly with the volume of sales or production, such as commissions and shipping charges.

Fixed Selling Expense

The costs associated with selling a product or service that do not vary with sales volume, such as salaries of sales staff and advertising expenses.