Question 1 (3 points) Merchandise inventory: 1) Is a long-term asset. 2) Is a cu

Question

Question 1 (3 points) Merchandise inventory: 1) Is a long-term asset. 2) Is a current asset 3) Includes supplies 4) ls classifñed with investments on the balance sheet Save Question 2 (3 points) D The current period's ending inventory is: 1) The next period's beginning inventory 2) The current period's cost of goods sold. 3) The prior period's beginning inventory 4) The current period's net purchases. Save Question 3 (3 points) The quick assets are defined as 1) Cash. short-term investments, and inventory. 2) Cash, short-term investments, and current receivables. 3) Cash, inventory. and current receivables 4) Cash, noncurrent receivables, and prepaid expenses Save Question 413 points) Liquidity problems are likely to exist veben a company's acid-test ratio 1) 1s less than the current ratio 21 1s 1 to 1 3 is higher than 1 to 1

Explanation / Answer

Q1.

Answer is 2. Is a Current assets.

Q2.

Answer is 1. Next year begining inventory

Q3.

Answer is 2. Cash, short-term investment and current receivables

Q4.

Answer is 4. Substantially lower than 1:1

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