The Barrett Corporations current assets were 1.7 million and current liabilities were 425,000. What is the current ratio?
A) 1:4
B) 2:1
C) 4:1
D) 8:1
Q. 2A company has net sales of 97,500, cost of goods sold of 37,000, gross profit of 60,500, total operating expenses of 12,675, and net income of 47,825. Rounded to the nearest tenth of a percent, what would the vertical analysis of the income statement have for total operating expenses?
A) 34.3
B) 26.5
C) 21.0
D) 13.0
Q. 3What is the net profit for Bobson's Hardware?
A) 24,540
B) 48,207
C) 62,320
D) 73,657
Q. 4Mr. Bobson owns a hardware store. The gross sales for the first quarter of the year were 92,000. There was 1,930 in returned merchandise and 2,300 in sales discounts. His beginning merchandise inventory was 54,000 and his ending inventory was 40,000. He purchased 17,000 of additional merchandise for sale during the quarter, returned 1,750 worth of merchandise damaged during shipment, and received 3,800 in purchase discounts. Mr. Bobson's operating expenses include the following: delivery expense, 263; depreciation expense for equipment, 750; payroll taxes expense, 585; salary expense, 11,700; supplies, 395; and utilities expense, 420. What are the total operating expenses for Bobson's Hardware?
A) 8,563
B) 14,113
C) 18,343
D) 19,663
Q. 5Mr. Bobson owns a hardware store. The gross sales for the first quarter of the year were 92,000. There was 1,930 in returned merchandise and 2,300 in sales discounts. His beginning merchandise inventory was 54,000 and his ending inventory was 40,000. He purchased 17,000 of additional merchandise for sale during the quarter, returned 1,750 worth of merchandise damaged during shipment, and received 3,800 in purchase discounts. Mr. Bobson's operating expenses include the following: delivery expense, 263; depreciation expense for equipment, 750; payroll taxes expense, 585; salary expense, 11,700; supplies, 395; and utilities expense, 420. What is the gross profit for Bobson's Hardware?
A) 52,000
B) 62,320
C) 66,550
D) 87,770
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