Question

In: Accounting

Question 13 Not yet answered Marked out of 1.00 Flag question Question text The fiscal 2016...

Question 13

Not yet answered

Marked out of 1.00

Flag question

Question text

The fiscal 2016 balance sheet for Whole Foods Market reports the following data (in millions).

Cash and Cash

Equivalents

Marketable Securities

Accounts Receivable

Merchandise

Inventories

Current

Assets

Current

Liabilities

$351

$379

$242

$517

$1,975

$1,341

What is the company's quick ratio?

Select one:

A. 0.69

B. 1.38

C. 0.72

D. 1.47

E. None of the above

Expert Solution

Answer: C. 0.72

Explanation

Quick Ratio

(Current Assets -Inventories)	/	Current Liabilities	=	Quick Ratio
(1,489 - 517)	/	1,341.00	=	0.72	:1

Current assets
Cash and cash equivalents	351.00
Marketable securities	379.00
Accounts receivable	242.00
Merchandise Inventories	517.00
Total	1,489.00

ekkarill92 answered 3 years ago

Question 2 Not yet answered Marked out of 1.00 Flag question Question text __________ is the...

Question 2 Not yet answered Marked out of 1.00 Flag question Question text __________ is the return to investors divided by total assets. Select one: a. Return on investment b. Return on average assets c. Return on assets d. Return on risk Question 3 Not yet answered Marked out of 1.00 Flag question Question text Which form of payment causes a company to pay taxes twice on the same amount? Select one: a. Dividends b. Interest c. Stock splits d....

Question 1 Not yet answered Marked out of 1.00 Flag question Question text The function of...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text The function of tRNA is to Select one: a. provide a site for polypeptide synthesis b. transport amino acids to the ribosome c. transcribe DNA d. transform DNA Question 2 Not yet answered Marked out of 1.00 Flag question Question text The lipid bi-layer is Select one: a. hydrophilic b. hydrophobic c. hydrophilic and hydrophobic d. depends on the surrounding medium Question 3 Not yet answered Marked...

Question 17 Not yet answered Marked out of 1.00 Flag question Question text The political and...

Question 17 Not yet answered Marked out of 1.00 Flag question Question text The political and military alliance by which the Macedonians united Greece under their own rule was known as Select one: a. the Macedonian League b. the Delian League c. the League of Corinth d. the National League Question 20 Not yet answered Marked out of 1.00 Flag question Question text Regardless of the specific form of government under which they lived, classical Greeks valued most highly Select...

Question 3 Not yet answered Marked out of 1.00 Flag question Question text Which of the...

Question 3 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is the correct order of the steps in the accounting cycle? Select one: A. Report, analyze, close, record, and adjust B. Adjust, report, analyze, record, and close C. Record, report, analyze, adjust, and close D. Analyze, record, adjust, report, and close eBook Print Question 4 Not yet answered Marked out of 1.00 Flag question Question text Cash collected on accounts receivable would produce...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text Which of the...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is a grouping of characters into a word, a group of words, or a complete number? Select one: a. Table b. Entity c. Field d. File Question 6 Not yet answered Marked out of 1.00 Flag question Question text The cost of changing from one product to a competing product is termed _______. Select one: a. switching cost b. operating cost c. lowest...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text (T / F)...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text (T / F) When companies offer trade discounts, the gross selling price (gross invoice price) at which the sale is recorded is equal to the list price minus any trade discounts. Select one: True False Question 2 Not yet answered Marked out of 1.00 Flag question Question text (T / F) Sales discounts arise when the seller offers the buyer a cash discount of 1 percent to...

Question 5 Not yet answered Marked out of 1.00 Flag question Question text U.S. GAAP refers...

Question 5 Not yet answered Marked out of 1.00 Flag question Question text U.S. GAAP refers to: Select one: A set of accounting standards used worldwide A set of accounting standards that form the guidelines for financial accounting A rigid set of accounting standards that must be uniformly applied by all U.S. businesses A set of accounting standards approved by the U.S. Congress eBook Print Question 6 Not yet answered Marked out of 1.00 Flag question Question text The accounting...

Question 15 Not yet answered Marked out of 1.00 Flag question Question text Losh Company has...

Question 15 Not yet answered Marked out of 1.00 Flag question Question text Losh Company has the following unadjusted account balances on December 31, 2019. The pre-adjustment balance of Allowance for Doubtful Accounts is $3,200 debit. This company uses the following aging of accounts receivable to estimate its bad debts. Accounts Age Balance Estimated Uncollectible % Current (not yet due) $192,000 1.0% 1-30 past due $128,000 3.5% 31-60 past due $ 32,000 12.0% 61-90 past due $ 13,000 42.0% Over...

Question 1 Not yet answered Marked out of 2.00 Flag question Question text The Law of...

Question 1 Not yet answered Marked out of 2.00 Flag question Question text The Law of Demand states that a(n) Select one: Change in price will lead to no change in the quantity demanded Decrease in price will lead to a decrease in the quantity demanded Increase in price will lead to an increase in the quantity demanded Increase in price will lead to a decrease in the quantity demanded Clear my choice Question 2 Not yet answered Marked out...

Not yet answered Marked out of 1.0 Flag question Question text Which of the following transactions...

Not yet answered Marked out of 1.0 Flag question Question text Which of the following transactions is not an example of an end of period adjustment? Select one: a. Supplies account is adjusted to the actual amount of supplies on hand. b. Interest is accrued on the loan from the bank, although it has not yet been paid. c. Depreciation is recorded on equipment. d. New store equipment is purchased on account.