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13). KLM Corporation's quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals: а- 0.74. b – 0.50. с — 0.68. d – 1.50. 14). A company's current assets are $17,980, its quick assets are $11,420 and its current liabilities are $12,190. Its quick ratio equals: а — 1.07. b – 0.94. с — 1.48. d – 1.57 15). A company's gross profit (or gross margin) was $83,750 and its net sales were $347,800. Its gross margin ratio is: а - 75.9%. b – $83,7% с - 24.1%. d – 4.2%.

13). KLM Corporation's quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals: а- 0.74. b – 0.50. с — 0.68. d – 1.50. 14). A company's current assets are $17,980, its quick assets are $11,420 and its current liabilities are $12,190. Its quick ratio equals: а — 1.07. b – 0.94. с — 1.48. d – 1.57 15). A company's gross profit (or gross margin) was $83,750 and its net sales were $347,800. Its gross margin ratio is: а - 75.9%. b – $83,7% с - 24.1%. d – 4.2%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer  Required 13,14,15,16

13). KLM Corporation's quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals: а - 0.74. b – 0.50. с - 0.68. d – 1.50. 14). A company's current assets are $17,980, its quick assets are $11,420 and its current liabilities are $12,190. Its quick ratio equals: а — 1.07. b – 0.94. с - 1.48. d – 1.57 15). A company's gross profit (or gross margin) was $83,750 and its net sales were $347,800. Its gross margin ratio is: a – 75.9%. b – $83,7% с - 24.1%. d – 4.2%. 16). A company's net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio equals: a – 5%. b – 9.6%. с — 35%. d – 65%
Transcribed Image Text:13). KLM Corporation's quick assets are $5,888,000, its current assets are $11,700,000 and its current liabilities are $8,000,000. Its acid-test ratio equals: а - 0.74. b – 0.50. с - 0.68. d – 1.50. 14). A company's current assets are $17,980, its quick assets are $11,420 and its current liabilities are $12,190. Its quick ratio equals: а — 1.07. b – 0.94. с - 1.48. d – 1.57 15). A company's gross profit (or gross margin) was $83,750 and its net sales were $347,800. Its gross margin ratio is: a – 75.9%. b – $83,7% с - 24.1%. d – 4.2%. 16). A company's net sales were $676,600, its cost of goods sold was $236,810 and its net income was $33,750. Its gross margin ratio equals: a – 5%. b – 9.6%. с — 35%. d – 65%
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