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ACC 400 Financial Accounting Final Exam Practice

This document provides practice questions for the financial accounting final exam, focusing on key accounting concepts.

Elijah Nelson
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ACC 400Financial Accounting Final Exam PracticeACC 400 Final Exam1.Zelma Company's last financial statements provided the following ratios:Current ratio3:2Quick ratio1:2Accounts receivable turnover 9.0 timesInventory turnover8.0timesNet income percentage12.5%Return on equity22.6%Return on assets9.8%To the nearest day, what is the operating cycle for Zelma?a)80 daysb)86 daysc)172 daysd)129 days2.The following events have been projected:A. Cash sales and collections from customers totaling $980,000B. Cash payments for operating expenses of $560,000C. Cash payments for income taxes and interest expense of $45,000D. Cash payments of prior period accruals of $80,000E. Borrowed $50,000 cash by issuing a note payable

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Document Details

University
Stony Brook University
Course
ACC 400
Subject
Accounting

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