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The Winslow Department Store

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The Winslow Department Store had net credit sales of $8,000,000 and cost of goods sold of $6,000,000 for the year. The average inventory for the year amounted to $2,000,000.

62. The inventory turnover ratio for the year is
a. 4 times.
b. 7 times.
c. 3 times.
d. 2 times.

63. The days sales in inventory during the year was
a. 183 days.
b. 122 days.
c. 91 days.
d. 52 days.

64. Which one of the following would not be considered a liquidity ratio?
a. Current ratio
b. Inventory turnover ratio
c. Quick ratio
d. Return on assets ratio

65. The assets turnover ratio measures
a. how often a company replaces its assets.
b. how efficiently a company uses its assets to generate sales.
c. the portion of the assets that have been financed by creditors.
d. the overall rate of return on assets.

66. The profit margin is calculated by dividing
a. sales by cost of goods sold.
b. gross profit by net sales.
c. net income by shareholders' equity.
d. net income by net sales.

  • SubjectBusiness
  • TopicAccounting
  • Difficulty LevelCollege/University
  • Answer has attachmentsNo
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Lorraine Green
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