ACC 400 Final Exam( New)
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ACC 400 Final Exam( New)
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1. Zelma Company ' s last financial statements provided the following ratios: Current ratio 3:2 Quick ratio 1:2 Accounts receivable turnover 9.0 times Inventory turnover 8.0 times Net income percentage 12.5 % Return on equity 22.6 % Return on assets 9.8 % To the nearest day, what is the operating cycle for Zelma? a) 80 days b) 86 days c) 172 days d) 129 days
2. The following events have been projected: A. Cash sales and collections from customers totaling $ 980,000 B. Cash payments for operating expenses of $ 560,000 C. Cash payments for income taxes and interest expense of $ 45,000 D. Cash payments of prior period accruals of $ 80,000 E. Borrowed $ 50,000 cash by issuing a note payable F. Cash dividends of $ 20,000
The beginning balance of cash is $ 45,000. What is the budgeted ending balance of cash?