Excerpts from Zorra Corporation's Most Recent Balance Sheet Appear Below

question 198

Multiple Choice

Excerpts from Zorra Corporation's most recent balance sheet appear below: Sales on account in Year 2 amounted to $1,370 and the cost of goods sold was $850.
-The inventory turnover for Year 2 is closest to:

• A)4.05
• B)4.36
• C)1.17
• D)0.86

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Definitions:

Benjamin Franklin

A Founding Father of the United States, renowned for his contributions to the drafting of the Declaration of Independence and the U.S. Constitution, as well as his inventions and scientific discoveries.

Dividends

The part of corporate profits paid to its shareholders.

Payroll Tax

Taxes imposed on employers or employees, often calculated as a percentage of the salaries that employers pay their staff, funding social security and healthcare programs.

Social Security Tax

A charge imposed on both workers and their employers to finance the Social Security system, offering financial support to retirees, individuals with disabilities, and children of workers who have passed away.