Selected Information from the 2014 and 2013 Financial Statements of Sculley

question 33

Multiple Choice

Selected information from the 2014 and 2013 financial statements of Sculley Corporation is presented below:

-Refer to the Sculley Corporation information above.Sculley's turnover of assets and number of times interest earned for 2014 are respectively Asset Turnover Times Interest Earned

• A) 2.97 5.0
• B) 2.94 5.0
• C) 2.53 6.0
• D) 2.94 7.0

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Definitions:

Unconscionability

A doctrine in contract law that describes terms that are so unjustly one-sided that they are considered shockingly unfair or oppressive.

Doctrine of Privity

A principle that states a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it.

Statutory Assignment

The transfer of rights or benefits from one party to another as permitted or dictated by statute.

Chose in Action

A personal right to property that is recoverable through legal action, such as debts owed or rights in a contract.