Question 77 Currier & Ive\'s Lithography has a Cost of Goods Sold of $60.8 milli

Question

Question 77
Currier & Ive's Lithography has a Cost of Goods Sold of $60.8 million. The company's accounts payable balance is $7.5 million. It's accounts payable deferral period is:
Answer

A 48.7 days.

B 45 days.

C 81 days.

D 8.11 days.
Question 79
Which of the following is NOT a typical characteristic of money-market securities?
Answer

A Liquid, easily bought and sold

B Little or no default risk

C Interest is not taxable at state or federal level

D Maturities less than 1 year

Question 80"Float" is the term given to:
Answer

A differences between the cash balance and the balance of cash plus marketable securities.

B differences between the cash balance in the ledger and the funds available in the firm's checking account.

C the period between the date an invoice is received and the date on which it must be paid.

D the practice of deliberately delaying payments beyond the due date.

Explanation / Answer

C 81 days. D Maturities less than 1 year B differences between the cash balance in the ledger and the funds available in the firm's checking account.

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