Team Shirts had current assets of 500 and total assets of 2,300. Long-term liabilities were 700 and ...

Team Shirts had current assets of 500 and total assets of 2,300. Long-term liabilities were 700 and total liabilities were 1,430. The current ratio (rounded) is ________.

A) 0.68
B) 1.61
C) 0.35
D) 0.71

(Q. 2) In an electronic system, only the employee number and hours worked need to be entered into a computer each pay period.
a. True
b. False
Indicate whether the statement is true or false

(Q. 3) Describe the format of the balance sheet.

What will be an ideal response?

(Q. 4) Inventory turnover measures the length of time it takes to acquire, sell, and replace the inventory.
a. True
b. False

Indicate whether the statement is true or false

(Q. 5) Generally accepted accounting principles (GAAP) require that long-term assets be expensed over their estimated useful lives

Indicate whether the statement is true or false

(Q. 6) Clean Sweep, Inc started the month of June with 800 worth of cleaning supplies. During the month, Clean Sweep purchased 300 of supplies for cash. At June 30, 200 worth of supplies was unused.

How much cleaning supplies expense will the company show on its income statement for the month of June?
A) 800
B) 500
C) 1,100
D) 900

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Team Shirts had current assets of 500 and total assets of 2,300. Long-term liabilities were 700 and ...

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