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 ?